REIT JV Closes on 30 Asset Acquisition

(Read more on the net lease market.)

NEW YORK CITY-Lexington Realty Trust revealed that its co-investment program with Inland American Real Estate Trust Inc. closed on the acquisition of 30 primarily single-tenant net leased assets from Lexington and its subsidiaries for an aggregate purchase price of $408.5 million, including the assumption of non-recourse first mortgage financing secured by certain of the assets. The 30 properties contain an aggregate of more than 3.5 million net rentable sf and are located in 23 states.

The co-investment program is under contract to acquire up to an additional 23 properties from Lexington, a locally based REIT focused on single-tenant real estate investments, and its subsidiaries. Closing on a majority of the additional properties is expected to occur during the first quarter of 2008. When the JV was first announced, a spokesperson told GlobeSt.com that “in early June, the Lexington Realty Trust board put together a strategic restructuring plan and this was one of the steps.”