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CapLease Acquires Government Assets for $98M

NEW YORK CITY-Capital Lease Funding is in the process of acquiring five properties around the US that are leased to government entities. CapLease takes the properties, which aggregate to 292,000 sf, for $97.5 million.

By Barbara Jarvie | Updated on July 21, 2005

NEW YORK CITY-Locally based Capital Lease Funding Inc. has signed definitive agreements to acquire five properties leased entirely to the United States government. The REIT will pay $97.5 million for the sites, which total approximately 292,000 sf.

Two properties are located in Birmingham, AL, one is in Sandy, UT, one is in Kansas City, KS, and the fifth is in Austin, TX. The properties have a weighted average remaining lease term of approximately 16 years.

The acquisitions are scheduled to close today. A spokesperson tells GlobeSt.com that the company is under a confidentiality agreement until the closing and could not provide additional information regarding the properties.

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