Lexington Realty Trust Acquires Industrial Property for $23M
Lexington Realty Trust (NYSE: LXP), a real estate investment trust (REIT), announced today that one of its subsidiaries closed on the acquisition of an industrial property for $23.0 million. The property is a 152.25-acre parcel abutting a Union Pacific Railroad Line in Missouri City, Texas (Houston-Sugarland-Baytown, TX – CBSA). At the closing, the property was net leased to Vulcan Construction Materials, LP, a subsidiary of Vulcan Materials Company, for a term of 20 years.
The base rent under the lease increases by 2% each year during the term of the lease. The average rent during the lease term is approximately 9.2% of the purchase price. The obligations of the tenant are unconditionally guaranteed by Vulcan Materials Company.
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