RVI to Pay $33 Million for Soon to be Vacant Property That it Insures

SEC Edgar Web Site - March 14, 2006

On March 14, 2006, The Newkirk Master Limited Partnership, the operating partnership of Newkirk Realty Trust, Inc., entered into an agreement to sell its Toledo, Ohio property currently leased to Owens-Illinois for a purchase price of $33,000,000, $1,000,000 in cash plus assumption of the $32,000,000 of outstanding debt encumbering the property at September 29, 2006, the closing date. The purchaser, RVI Group, is the residual value insurer with respect to the property. As previously disclosed, Owens-Illinois has advised the Operating Partnership that it will be vacating the property at the expiration of its lease term, September 30, 2006. Sphere: Related Content