NEW YORK, January 15, 2004 /PRNewswire
Lexington Corporate Properties Trust (LXP) , a real estate investment trust, today announced that one of its joint venture investment programs has acquired a distribution facility in New Lenox, Illinois. The purchase price was $28.6 million.
The property, a 693,000 square foot distribution facility on 45 acres, is net leased to Michaels Stores Procurement Company, Inc. for twenty years. The obligations of the tenant under the lease are guaranteed by Michaels Stores, Inc. In connection with the acquisition, the joint venture has arranged for non-recourse mortgage financing of approximately $17.4 million. The loan, expected to close in February 2004 will bear interest at a fixed interest rate of 5.51% and mature in ten years.
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Wednesday, January 21, 2004
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