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GlobeSt.com UPDATE: LXP Closes $786-M Portfolio Sale

NEW YORK CITY-The transfer of an approximately 5.1 million-sf portfolio of 27 properties closes. Lexington picks up the properties from Wells for $786 million.

By Barbara Jarvie and Alex Finkelstein | Updated on April 13, 2005

NEW YORK CITY-Locally based Lexington Corporate Properties Trust’s $786-million acquisition of a 27-property portfolio has closed. The sale was announced at the end of February. The sellers were affiliates of Wells Real Estate Investment Trust, Inc. and Wells-affiliated joint venture partners.

Lexington acquired twenty-one of the properties for approximately $ 490 million with the remaining six acquired by affiliated joint venture programs. The assets, which are located in 10 states, are mostly class A, single-tenant assets with investment-grade credit ratings. They range in size from an 81,859-sf asset whose major tenant is AT&T Wireless in Harrisburg, PA to a 701,819-sf property in Millington, TN that is home to Ingram Micro.

Eastdil Realty represented Wells. Lexington common shares closed Wednesday, April 13 at $22.35 per share. Lexington pays an annualized dividend of $ 1.44 per share.

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