Natasha Roberts, the REIT's vice president of acquisitions, tells GlobeSt.com that Lexington liked the tenant's credit standing, the lease length and the Mission market, which boasts a large, bilingual workforce. She says the property was bought with cash raised from last year's sale of common and preferred stock, but long-term, permanent debt will be placed within 30 days.
Hunt Power LP of Dallas developed the center in 2002, signing T-Mobile to a 12-year lease in May 2003. The facility is situated on 13 acres at 3711 San Gabriel Rd.
Hugh D. Baker Jr., Hunt Power's vice president, says the property piqued interest the minute it hit the market, with the start to finish taking just "a few months." Jeffrey Thomas, Jim Trobaugh, Rob Marsh and Chris Hook, all with CB Richard Ellis Inc. in Phoenix, represented Hunt Power in the negotiations.
"We found that many investors were not familiar with Mission Texas," Thomas says of the deal. "But once the buyer toured the site, the process moved very smoothly. Everyone that has toured the site has been impressed with what Hunt has created."
Lexington is a long-term property holder, owning six other single-tenant, net-leased properties in Texas. Roberts says the REIT is not holding any other Texas contracts, but "we are always looking and would invest in Texas again in a second.
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