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JV Spends $31M for Industrial Buildings

WESTON, FL-The two adjacent buildings here are a 230,600-sf distribution facility net-leased to Circuit City Stores Inc. and a 201,845-sf distribution and cold storage facility net-leased to Hagemeyer Foods NA Inc. They sold for approximately $54.20 a sf and $89.67 per sf, respectively.

By Melissa Bogdany | Updated on August 26, 2004

WESTON, FL-A joint venture investment program of Lexington Corporate Properties Trust acquired two industrial buildings totaling 432,445 sf in the city for a total of $30.6 million.

The smaller property, net-leased to Hagemeyer Foods NA Inc. through Dec. 31, 2012, commanded the biggest overall sale price. The 201,845-sf distribution and cold storage facility sold for $18.1 million, or about $89.67 per sf. The property was built in 1995 on 15.1 acres at 3225 Meridian Parkway.

Related to the purchase, the Lexington joint venture arranged to get about $10.9 million in non-recourse first mortgage financing from an undisclosed lender. The loan has a 5.42% fixed interest rate and matures in December 2012.

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