REIT Lexington Realty Drops $200M On Industrial Portfolio
Law360, Minneapolis (October 2, 2017, 5:59 PM EDT) -- Lexington Realty Trust has picked up a portfolio of three industrial properties located in Tennessee and Mississippi for roughly $200 million, according to a Monday announcement from real estate investment trust.
The properties have a combined 3.2 million square feet and are located along Interstate 40. The REIT said the purchase price worked out to a 6.5 percent initial yield based on a generally accepted accounting principles, or GAAP, basis.
The properties are fully leased to investment-grade tenants, and the weighted average remaining lease term is roughly 9.8 years, the REIT said Monday.
"This portfolio transaction is consistent with Lexington's continued...
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