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Lexington Sheds Two Industrial Assets

Proceeds may be used for stock buyback.

By John Howe | Updated on July 28, 2000

NEW YORK CITY—Lexington Corporate Properties Trust is in the process of selling two properties. One is a Plymouth, MI industrial facility net-leased through December 2006 for $741,000 annually. The tenant, Johnson Controls, has two five-year rental-rate options of $537,000 and $617,000.

The other property is a 196,946-sf warehouse net-leased to Corporate Express Office Products Inc. through January 2014 for $712,000 annually. The Henderson, NC property carries a $4.7-million mortgage. Lexington plans to use the proceeds for investments such as joint venture acquisitions and additional repurchase of its common shares.

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