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NEW YORK, Jan. 27, 2012 /PRNewswire/ -- Lexington Realty Trust ("
Lexington") (NYSE: LXP), a real estate investment trust (REIT), announced today that one of its subsidiaries closed on the acquisition of a build-to-suit office facility in
Huntington, WV for a capitalized cost of approximately
$12.6 million (9.4% initial cap rate). Another subsidiary of
Lexington provided construction financing for the construction of the facility.
The facility is a single-story call center containing approximately 70,000 square feet on an approximately 7.85-acre parcel of land. The facility is 100% net leased to AMZN WVCS LLC for a term of 15 years. The obligations of the tenant under the lease are guaranteed by Amazon.com Inc. The base rent under the lease increases by 2% each year during the term of the lease.
In connection with the acquisition,
Lexington's subsidiary obtained a commitment for non-recourse first mortgage financing in the original principal amount of
$6.5 million. The loan is expected to bear interest at a fixed rate of 4.15%, require payments of interest only until maturity and have a term to maturity of 5 years. No assurances can be given that this financing will be consummated.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States.
Lexington also provides investment advisory and asset management services to investors in the single-tenant area.
Lexington's common shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about
Lexington is available on-line at
www.lxp.com or by contacting Lexington Realty Trust, Investor Relations,
One Penn Plaza, Suite 4015,
New York, New York 10119-4015.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
SOURCE Lexington Realty Trust