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Lexington Industrial Buys Exceed 2M-SF

NEW YORK CITY-The locally based REIT and one of its affiliates pick up three distribution centers from Michelin North America. All will be net-leased to subsidiaries of Netherlands-based TPG N.V.

By Glen Thompson | Updated on August 16, 2002

NEW YORK CITY-Locally based REIT Lexington Corporate Properties Trust has acquired three industrial properties totaling more than 2 million sf from Michelin North America. All have been leased back to subsidiaries of Netherlands-based mail services provider TPG N.V. Price tag on the two transactions is roughly $49 million.

“These three transactions bring our total acquisition volume for the year to $65.8 million and are the culmination of many months of work with Michelin and TNT,” says Lexington vice chairman and co-chief executive officer Richard J. Rouse. “We are beginning to see more opportunities that meet our underwriting criteria for tenant credit, lease term and total return characteristics and we expect to be an active investor over the balance of the year.”

Two of the properties–located in Laurens, SC and Temperance, MI–were purchased in joint venture with the New York State Common Retirement fund. Michelin sold the distribution centers for roughly $46-million.

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