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Lexington Realty Divests Stake in Dow Chemical’s Lake Jackson Offices
Single-tenant REIT Lexington Realty Trust sold its interest in the Dow Texas Innovation Center in Lake Jackson for $192 million. The buyer of the 664,100-square-foot property was reportedly Brixton Capital.
The sale included the buyer’s assumption of the first mortgage loan secured by the property, which had an unpaid principal balance of $179 million. In connection with the sale, Lexington anticipates it will recognize a $57-million gain.
Leased to Dow Chemical, the property was completed in 2016. It’s part of Dow’s nearly one-million-square-foot campus in Lake Jackson, some 50 miles south of Houston.
The sale leaves New York City-based Lexington with two dozen properties across Texas. The largest of these is a 1.2-million-square-foot Black & Decker facility in Southlake.
Additionally, Lexington acquired a 201,784-square-foot warehouse/distribution facility in a logistics submarket of Phoenix for $88 million. The facility is 100% leased to a leading e-commerce company through March 2033.
Image courtesy of Kirksey Architecture/Aker Imaging.
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