(To read more on the industrial market, click here.)

NEW YORK CITY-Lexington Corporate Properties Trust, a locally based REIT, has acquired five industrial/manufacturing sites throughout Kentucky in a sale-leaseback transaction. For an aggregate purchase price of $78.5 million, the company took the properties form Dana Commercial Credit Corp. a wholly owned subsidiary of Dana Corp. Each property is now net leased to Dana for the next 20 years.

The properties in question include the 539,592-sf single-story site at 750 North Black Branch Rd. in Elizabethtown, KY. It has a two-story office component. Nearby is the 167,770-sf site at 730 North Black Branch Rd. It is also a single-story property with a two-story office component. Next is the 410,844-sf 301 Bill Breyer Rd. site in Hopkinsville, KY and the 162,648-sf 3010 Airpark Dr. site in Owensboro. The final site is a single-story light-industrial property measuring 336,350 sf at 10000 Business Blvd. in Dry Ridge.

To finance the acquisition, Lexington obtained a $67.5-million of non-recourse first mortgage loans from Countrywide Financial, secured by individual first mortgages on each of the properties. The loans, which will bear interest at a fixed rate of 4.96% and mature in 10 years, remain subject to final documentation and standard closing conditions.