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Lexington REIT Adds Cincy-Area Industrial for $180M
New York City-based Lexington Realty Trust has acquired a 2.4-million-square-foot e-commerce industrial portfolio from Atlanta-based developer and manager IDI Logistics for approximately $180 million. The portfolio’s three properties are part of IDI’s master-planned Park North at Monroe in Monroe, OH, an industrial submarket of Cincinnati.
Each recently-constructed property is 100% net-leased to nationally recognized tenants: Amazon, Hayneedle/Wal-Mart and General Mills’ Blue Buffalo division. The portfolio has a weighted-average lease term of approximately 9.3 years, and average annualized rental escalations of approximately 2%.
The acquisition brings Lexington’s current Ohio portfolio to 12 properties, primarily industrial. Lexington said the deal was consistent with its investment strategy of purchasing well-located, high-quality industrial assets as it transitions to a 100% industrial-focused net-lease REIT.
Year-to-date investment activity for Lexington totals approximately $440 million. The company also has another $170 million of warehouse/distribution properties under an accepted offer or contract.
Pictured: Building 10 within Park North at Monroe.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
