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Lexington REIT Secures Industrial Tenant

MODESTO, CA-Lexington Corporate Properties Trust property is net-leasing the 146,000-sf builidng to Crown, Cork and Seal Inc., which is subleasing to PACCAN, Inc. The new lease, at a higher rate, commences September 26, 2001, when the current lease ends.

By Brian K. Miller & Christina Chanes Nystrom | Updated on July 23, 2001

MODESTO, CA-Lexington Corporate Properties Trust has signed a 10-year lease extension for its 146,000-sf industrial property here at 567 S. Riverside Dr. The property is net-leased to Crown, Cork and Seal Inc. and subleased to PACCAN, Inc. The new lease commences September 26, 2001, which is when the current lease ends.

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.

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