Jan
20

Lexington Realty Trust Completes Acquisition of Greenville, SC Office Building

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On December 31, 2009, Lexington Realty Trust acquired a property in Greenville, South Carolina for $10.5 million, consisting of a three-story 106,306 square foot office building and a one-story 21,735 square foot annex building on an approximately 8.0 acre parcel. At closing, the property was net-leased to Canal Insurance Company.

Canal Insurance Company has an option to purchase the property on the fifth anniversary of the lease commencement at fair market value, but not less than $10.7 million and no greater than $11.6 million. If Canal Insurance Company fails to exercise its purchase option, Lexington has the right to require Canal Insurance Company to purchase the property for approximately $10.7 million.

Subscribers to Greenville Property Pulse will receive capitalization rate information for this sale in the next issue.

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http://www.gppulse.com/
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