Lexington Corporate Properties Trust purchased the of two adjacent office buildings, at 26555 Northwestern Hwy., containing a total of 187,163 sf. The property is net-leased to Federal-Mogul Corp. through January 2015. Lexington assumed non-recourse first mortgage financing of $11.6 million. The loan bears interest at a fixed rate of 4.55% and matures in January 2015.

At the same time it purchased the Federal Mogul building in Southfield, Lexington also purchased a two-story office building containing 61,180 sf in Clive, IA. That property is net-leased to Principal Life Insurance Co. through January 2012. The purchase price was $9.3 million.

"(These) acquisitions bring our total investment volume for the first half of 2004 to approximately $412.7 million, approximately equal to the volume for all of 2003, which was itself a record," says Richard J. Rouse, Lexington's chief investment officer. "Our pipeline is very active and we are well-positioned to meet or exceed our target of $600 million of new investments this year."