$110M Goes to Fund Warehouse Buy

RICHLAND, WA—Lexington Realty Trust has borrowed $110 million in acquisition financing for the purchase of a 456,412-square-foot class A cold-storage warehouse and distribution facility in Richland, WA from Holliday Fenoglio Fowler LP. The class A cold-storage warehouse and distribution facility is triple net leased to a wholly-owned subsidiary of Preferred Freezer Services.

The 10-year fixed-rate loan is with MetLife Agricultural Investments. Completed in 2015, the facility, located at 2800 Polar Way, is the largest refrigerated warehouse in North America and largest automated freezer in the world.  The 116-foot-tall facility has a total of 36,340,650 cubic feet of temperature controlled area (excluding office and mechanical/utility area), which consists of 312,755 square feet of freezer capacity that stores product at -10° F and 94,930 square feet of medium temperature mezzanine dock space.