NEW YORK, June 28, 2012 (GLOBE NEWSWIRE) -- Lexington Realty Trust ("Lexington") (NYSE:LXP), a real estate investment trust (REIT), announced today that one of its subsidiaries closed on the acquisition of an industrial build-to-suit facility for a capitalized cost of approximately $13.0 million. The newly constructed 258,000 square foot warehouse and distribution facility is on a 27-acre site in Shreveport, Louisiana. The facility is net-leased to The Tire Rack, Inc. (www.tirerack.com) for a term ending in March 2022. The average rent during the lease term is approximately 10.0% of the purchase price.
A Lexington subsidiary had provided $2.5 million in construction financing for the construction of the facility, which was fully repaid by the developer upon the acquisition disclosed above.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington's common shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.