Lexington Expands Portfolio by 15 Assets

NEW YORK CITY-Lexington Realty Trust has purchased a 70% interest in Triple Net Investment Co. LLC for $239.3 million. Previously Lexington and Triple Net were joint venture partners in an investment program; and the transaction includes $82.7 million for the 70% interest as well as the assumption of $156.6 million of non-recourse first mortgage financing.

The acquisition gives Lexington complete ownership of the JV’s investment program, which includes 15 single-tenant, net-leased assets. The assets, which are located in 10 states throughout the country, are valued at $277.4 million.