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Lexington Sells Industrial Properties Totaling 269,631 SF

NEW YORK CITY-The locally based REIT sells off assets in Bessemer, AL and Modesto, CA for an aggregate $8.4 million. Proceeds from the transactions are earmarked for the just-completed acquisition of Lake Forest, CA-based Apria Healthcare Group Inc.

By Glen Thompson | Updated on March 28, 2002

NEW YORK CITY-Manhattan-based REIT Lexington Corporate Properties Trust has sold two industrial properties, one in Modesto, CA and the other in Bessemer, AL, for $8.4 million. Aggregate size of the two properties is 269,631 sf.

The Alabama property is a 123,631-sf facility on a 10-acre site at 6950 Greenwood Parkway in Bessemer. The asset is net leased to Allegiance Healthcare Corp for a 15-year term that expires in October 2006. Rent is $472,000 annually. There is an underlying ground lease from the Industrial Development Board of Bessemer. Built for Allegiance in 1990, the structure has 21 loading docks with load levelers. Lexington acquired the facility in late 1997 for $4.9 million.

Crown Cork & Seal Co. has exercised the second and final renewal of its lease at 567 S. Riverside Dr. in Modesto. Stanislaus Food Products Co. has signed a five-year lease on the 146,000-sf warehouse and manufacturing facility. The new lease kicks in when Crown’s agreement expires in September 2006. The current annual rent of $315,360 will increase to $332,880 per year under the new deal. Lexington acquired the property in September 1986 for $4 million. The rail-served facility was built for Crown in 1970 and expanded in 1976. It contains roughly 44,000 sf of manufacturing space, 100,000 sf of warehouse and 2,000 sf of office space.

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