photo of Nicholas Pell The 41-property portfolio “adds a critical mass of core industrial properties in six key logistics markets at compelling returns,” says Gramercy’s Nicholas Pell.

NEW YORK CITY—Gramercy Property Trust (GPT) said late Tuesday that it had launched a new joint venture to acquire, own and manage newly constructed e-commerce distribution facilities across the US, with an initial purchase of $642 million on a forward basis. Separately, the REIT said it had agreed to buy a 41-property, 7.8-million-square-foot warehouse portfolio for $479 million.