NEW YORK CITY — New York City-based REIT Gramercy Property Trust (GPT) has entered into an agreement with a private real estate development and investment company to acquire a nine-property, 2 million-square-foot portfolio of Class A industrial buildings for $331 million. The portfolio is 100 percent leased with a weighted average remaining lease term of 10.4 years. The properties are located in Atlanta; Boston; Charlotte, North Carolina; Chicago; the Inland Empire; Minneapolis; Reno, Nevada; and Spartanburg, South Carolina. More than 80 percent of the NOI for the portfolio is concentrated in four markets (Atlanta, Boston, Chicago and the Inland Empire) and nearly 90 percent of the rent from the portfolio comes from a single tenant. At closing, which is expected to occur by the end of third quarter 2017, GPT will assume $137 million of in-place debt, and will issue $133 million in operating partnership units (OP units) to fund the acquisition. The OP unit price will be based on a 30-day volume-weighted average price as of August 29, 2017, or $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. Including this nine-property industrial portfolio, as well as other recently announced transactions under contract or closed, the GPT’s 2017 investment volume totals $1.3 billion of fully stabilized assets at a 6.4 percent cash capitalization rate with 8.1 years of weighted average lease term at closing and $110 million of value-add assets that stabilize to a 7 percent cash cap rate.