PRNewswire-FirstCall - November 11, 2005
Lexington Corporate Properties Trust (NYSE: LXP) announced that one of its joint venture programs acquired an office facility in Carrollton, Texas for approximately $32.0 million. The facility is a two-story office building containing approximately 138,443 net rentable square feet on a parcel containing approximately 8.2 acres. The facility is leased to Motel 6 Operating, L.P. under the terms of a modified gross lease through July 31, 2015. The obligations of Motel 6 Operating, L.P. under the lease are unconditionally guaranteed by Accor, S.A.
In connection with the acquisition of the facility, Lexington's joint venture program obtained non-recourse first mortgage financing in the original principal amount of approximately $20.8 million. The loan bears interest at a fixed rate of 5.274% and matures on or about July 1, 2015.
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