Verizon-Greenville, SC

New York City-based Lexington Realty Trust did not return a telephone call to comment on the disposition. The portfolio consists of two industrial buildings in Groveport, OH and Mechanicsburg, PA and one office building in Greenville, SC. All buildings are leased to single tenants, with terms expiring in about four years, says David R. Brown, president and CEO of the Chicago-based ORIX.

"We like the three properties and the credit quality of all three tenants," Brown says. The company has been focusing for six to nine months on net-leased properties with short lease terms because there is not as much competition for the properties, particularly since ORIX is an "all cash" buyer, he explains.

Brown tells GlobeSt.com that there is potential for rental rate increases, but the acquisitions are not regarded as value-add buys. "Overall, our strategy is to focus on single-tenant net leases with four year or less remaining" on the lease term, he says. Eric Wollan and Boris Shraybman, both with ORIX, represented the company in the portfolio acquisition.

Exel-Mechanicsburg, PA