Gramercy Capital Corp. To Auction 74 Properties

NEW YORK CITY-As some of the last few conference calls have indicated, locally based Gramercy Capital Corp. is looking to sell the properties it acquired from American Financial Realty Trust earlier this year. The firm is auctioning off the 74 properties it inherited from the $3.3-billion purchase of the Jenkintown, PA-based company, and New York City-based Carlton Group Ltd. is conducting the auction.

Gramercy tells GlobeSt.com that they "decline to comment at this time;" however an anonymous industry source, not involved in the deal, confirms that "the auction is happening," and it is really more of a "cleaning-up process" that the company intended to do all along. Carlton Group did not respond to GlobeSt.com queries by deadline.

The properties consist of 68 bank branches and six pieces of land. According to the anonymous industry source, the value of the properties range anywhere from $100,000 to $2 million each. As a result of the acquisition of AFR, Gramercy added approximately 29.2 million sf of commercial real estate in 38 states and the District of Columbia to its $4.2 billion of debt investments, commercial real estate securities investments, net lease properties and other assets.

Source: GlobeSt.