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Lexington Pays $13M for Two Office Buildings

SOUTHFIELD, MI-The New York-based REIT pays less than $68 per sf for two buildings at at 26555 Northwestern Hwy., where auto parts manufacturer Federal Mogul makes its headquarters in one of the buildings.

By Dan Heaton | Updated on July 06, 2004

SOUTHFIELD, MI-A New York-based REIT has purchased two office buildings here for $12.7 million. One of the buildings is the world headquarters of auto parts manufacturer Federal Mogul.

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.

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