Lexington Realty Trust Sells Three Properties for $58.2 Million
April 04 2016 - 4:15PM
Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate
investment trust (REIT) focused on single-tenant real estate
investments, today announced that during the first quarter of 2016,
it sold one specialty/retail asset and two suburban office assets
for gross proceeds of approximately $58.2 million at a
weighted-average capitalization rate of 6.5%. Approximately
$8.3 million of mortgage debt was retired in connection with these
sales. These properties were included in Lexington’s 2016
disposition plan to sell $600-$700 million of assets.
|
|
Property |
Location |
Gross Proceeds ($MM) |
Square Footage |
Sector |
Primary Tenant |
25500 State Hwy. 249 |
Tomball, TX |
$ |
17.6 |
|
77,076 |
Specialty/ Retail |
Parkway Chevrolet, Inc. |
4200/4400 Northcorp Pkway |
Palm Beach Gardens, FL |
$ |
30.1 |
|
113,565 |
Multi-Tenant/ Office |
Multi-Tenant/The Weiss Group, LLC |
2550 Interstate Dr. |
Harrisburg, PA |
$ |
10.6 |
|
87,718 |
Office |
AT&T Services, Inc. |
|
|
|
|
|
|
|
|
Also during the first quarter of 2016, Lexington completed
approximately 1.7 million square feet of new leases and lease
extensions, with early lease extensions comprising the majority of
this volume. Major lease extensions included:
|
|
|
|
|
|
Tenant |
Location |
Square Footage |
Prior Term |
New Lease
Expiration |
Sector |
Kraft Heinz Foods Company |
Winchester, VA
|
344,700 |
05/2016 |
05/2021 |
Industrial |
Siemens Corporation |
Milford, OH |
221,215 |
09/2016 |
04/2026 |
Office |
Sears, Roebuck and Co./ Sears Logistics Services |
Memphis, TN |
780,000 |
02/2017 |
02/2027 |
Industrial |
|
|
|
|
|
|
“All three sales highlight successful
execution of our portfolio repositioning strategy, further reducing
our short-term office, multi-tenant and specialty/retail exposure.
We were also able to achieve favorable sales results by fully
stabilizing the suburban office assets. Our disposition plan is
fully underway and we will continue to work diligently on the sales
under this plan as we look to further improve the quality of our
earnings, meaningfully upgrade our portfolio and reduce leverage,”
said T. Wilson Eglin, Chief Executive Officer and President of
Lexington.
Mr. Eglin further commented, “We are
extremely pleased with our leasing volume of approximately 1.7
million square feet for the quarter, and expect portfolio occupancy
to remain strong throughout 2016.”
ABOUT LEXINGTON REALTY
TRUST
Lexington Realty Trust (NYSE:LXP) is a publicly
traded real estate investment trust (REIT) that owns a diversified
portfolio of real estate assets consisting primarily of equity and
debt investments in single-tenant net-leased commercial properties
and land across the United States. Lexington seeks to expand its
portfolio through build-to-suit transactions, sale-leaseback
transactions and acquisitions. Additional information about
Lexington can be found by visiting www.lxp.com.
Contact:
Investor or Media Inquiries for Lexington Realty Trust:
Heather Gentry, Senior Vice President of Investor Relations
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: hgentry@lxp.com
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