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Lexington-Inland JV Closes on $270M in Assets

NEW YORK CITY-This latest acquisition will bring an additional two million net rental sf spread out across 11 properties in six states, into the JV.

By Erika Morphy | Updated on March 28, 2008

NEW YORK CITY-Lexington Realty Trust and Chicago-based Inland Real Estate Trust have closed, via their co-investment program, on an acquisition of an 11 primarily single-tenant net leased assets for $270.2 million. The JV acquired the assets from Lexington and its subsidiaries, including the assumption of non-recourse first mortgage financing secured by some of the properties. The 11 buildings in the aggregate represent two million net rentable sf, and are located in six states.

A piece of a larger restructuring plan for Lexington, a REIT focused on single-tenant real estate investments, the program has been steadily absorbing Lexington’s assets. Most recently, the two partners revealed that the co-investment program is under contract to acquire a property in Garland, TX and a property in the Woodlands, TX from Lexington and its subsidiaries. The sale of these two additional properties is expected to close in Q2 2008.

Last December, the co-investment program closed, for $408.5 million, on 30 primarily single-tenant net leased assets from Lexington and its subsidiaries. This particular sale encompassed 30 properties equaling more than 3.5 million net rentable sf in 23 states.

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