HOUSTON—Lexington Realty Trust, a New York-based real estate investment trust (REIT) focused on single-tenant real estate investments, working through one of its wholly-owned subsidiaries, recently completed acquisition of a deepwater intermodal industrial terminal in Houston. Capitalized cost was approximately $81.4 million.
The facility includes 2,055 feet of deep water berths and existing structures encompassing 132,000 square feet on over 90 acres on the Houston Ship Channel.
Upon acquisition, the facility was net-leased to Industrial Terminals Management L.L.C. for a 25-year term. The obligations of the tenant are guaranteed by Maritime Holdings (Delaware) LLC. The average rent during the lease term is approximately 8.3% of the purchase price.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
