Lexington Realty Trust Sells $50 Million in Assets
June 13 2016 - 04:15PM
Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate
investment trust (REIT) focused on single-tenant real estate
investments, today announced that it has sold one office and two
industrial assets for aggregate gross proceeds of approximately
$49.6 million at a weighted-average capitalization rate of 7.6%.
Approximately $21.1 million of mortgage debt was satisfied in
connection with these sales.
Property |
Location |
Gross Proceeds ($MM) |
Square Footage |
Sector |
Primary Tenant |
Remaining Lease Term (approx.
yrs.) |
147 Milk Street |
Boston, MA |
$ |
33.3 |
|
52,337 |
Office |
Atrius Health, Inc. |
6.5 |
7500 Chavenelle Road |
Dubuque, IA |
$ |
8.6 |
|
330,988 |
Industrial |
The McGraw-Hill Companies, Inc. |
1.0 |
477 Distribution Parkway |
Collierville, TN |
$ |
7.7 |
|
126,213 |
Industrial |
Federal Express Corporation/FedEx Techconnect, Inc. |
5.0 |
“We continue to make good headway on our
disposition program with the most recent sales bringing our total
wholly-owned disposition volume to approximately $166 million at an
average cap rate of 6.4%. These dispositions remain consistent with
our capital recycling objectives of reducing our exposure to short
term-leases and exiting office markets where we do not have a
significant presence,” said T. Wilson Eglin, Chief Executive
Officer and President of Lexington.
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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