The annual net rent payable during the term of the new lease will be $315,000 for the first five years and will increase annually thereafter. Over the life of the lease, the average annual net rent payable is $332,880, an increase of 11.8% compared to the current annual net rent.

The warehouse and manufacturing building was built for Crown Cork & Seal in 1970 and expanded in 1976. The building contains approximately 44,000sf of manufacturing space and 95,000sf of warehouse space.

Lexington Corporate Properties Trust owns and manages a portfolio of office, industrial and retail properties net-leased to major corporations throughout the United States Lexington acquired the Modesto property in September 26, 1986, for $4.06 million. According to the company's Web site, the property holds a debt of $2.04 million at 8.10% interest that includes a $1.87 -million balloon payment due May 25, 2005.