Nestlé Warehouse/Distribution Properties and Mortgage Debt:During the third quarter, the Company extended the mortgage debt on three Nestlé warehouses located in Breinigsville, PA, Lathrop, CA and Fort Wayne, IN. The Company obtained an up to five year extension on the $106 million securitized first mortgage note that was scheduled to mature in August. The five year term includes borrower extension options, with the last two years of borrower options subject to re-tenanting the Fort Wayne property by August 2015. The Company is continuing to actively market the Fort Wayne property for re-lease to several potential prospects at the end of Nestlé’s lease term in December 2012.
CapLease Announces Third Quarter 2012 Results
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