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ORIX Buys 1M-SF Plus From Lexington Realty

CHICAGO-The fully leased portfolio consists of industrial buildings in Mechanicsburg, PA and Groveport, OH and an office building in Greenville, SC.

By Gina Kenny | Updated on January 03, 2008

[IMGCAP(1)]CHICAGO-ORIX Real Estate Capital Inc. has acquired a three-building portfolio with 1.1 million sf of net-leased space in Ohio, Pennsylvania and South Carolina. Based on similar buildings in the respective areas, the seller’s take is estimated at from $56 million to $61 million.

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.

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