World News: 13:30 GMT Wednesday 11th September 2019. [Lexington Realty Trust via Globe Newswire via SPi World News]
NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Lexington Realty Trust (NYSE:LXP) (“Lexington”), a real estate investment trust (REIT) focused on single-tenant industrial real estate investments, today announced that it has acquired a 2.4 million square foot e-commerce industrial portfolio from Atlanta-based developer and manager IDI Logistics for approximately $180 million.
The portfolio consists of three recently constructed, Class A warehouse/distribution facilities located within Park North at Monroe, an established logistics park developed by IDI Logistics along Interstate 75 in a strong industrial submarket of Cincinnati, Ohio. Each property is 100% net-leased to nationally recognized tenants/guarantors, consisting of Amazon, Hayneedle/Wal-Mart, and Blue Buffalo (a division of General Mills). The portfolio has a weighted-average lease term of approximately 9.3 years and average annualized rental escalations of approximately 2%.
This portfolio transaction is consistent with Lexington’s investment strategy of purchasing well-located, high-quality industrial assets as it transitions to a 100% industrial-focused net-lease REIT. To date, 2019 investment activity totals approximately $440 million at estimated GAAP and cash capitalization rates of approximately 5.6% and 5.4%, respectively. At acquisition, these investments had a weighted-average remaining lease term of 6.0 years.
Additionally, Lexington has approximately $170 million of warehouse/distribution properties under an accepted offer or contract. As the acquisition of these properties is subject to negotiation of various agreements, completion of due diligence and/or customary closing conditions, Lexington can give no assurance that we will acquire any or all of these properties.
Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and acquisitions.
Contact:Investor or Media Inquiries for Lexington Realty Trust:Beth Boulerice, Chief Financial OfficerLexington Realty TrustPhone: (212) 692-7200 E-mail: email@example.com
Globe Newswire: 13:30 GMT Wednesday 11th September 2019
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