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Lexington-Inland JV Adds $150M to Buying Pool

GARLAND, TX-The JV marks its last two closings for a 13-property deal, getting 554,509 sf in Texas for $64.8 million. With the initial seeding done,the JV expands the net-lease plan.

By Connie Gore | Updated on June 03, 2008

GARLAND, TX-Lexington Realty Trust and Inland American Real Estate Inc. have marked their third and final closing for the initial seeding of a special-use portfolio. Texas deeds, totaling 554,509 sf in two cities, have rolled for $64.8 million, prompting the JV to add $150 million more to the single-tenant, net-lease buying pool.

The finale has added a 278,759-sf office/warehouse leased to Raytheon Co. at 1200 Jupiter Rd. in Garland and a 275,750-sf building at 9220 Grogans Mill Rd. in the Woodlands leased to Houston-based Baker Hughes Inc. “We’ve completed the initial seeding of the portfolio,” says Brendan P. Mullinix, executive vice president of the New York City-based Lexington Realty Trust. Raytheon’s building is a mix of research and development and warehouse while Baker Hughes’ building blends office, R&D, laboratory and manufacturing space.

Mullinix tells GlobeSt.com that the JV partners “have committed to investing an additional $150 million into single-tenant, net-leased assets.” The plan, he adds, is to acquire properties through sale-leasebacks, one-offs, portfolios and build-to-suits.

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