The annual net rent payable during the term of the new leasewill be $315,000 for the first five years and will increaseannually thereafter. Over the life of the lease, the average annualnet rent payable is $332,880, an increase of 11.8% compared to thecurrent annual net rent.

The warehouse and manufacturing building was built for CrownCork & Seal in 1970 and expanded in 1976. The building containsapproximately 44,000sf of manufacturing space and 95,000sf ofwarehouse space.

Lexington Corporate Properties Trust owns and manages aportfolio of office, industrial and retail properties net-leased tomajor corporations throughout the United States Lexington acquiredthe Modesto property in September 26, 1986, for $4.06 million.According to the company's Web site, the property holds a debt of$2.04 million at 8.10% interest that includes a $1.87 -millionballoon payment due May 25, 2005.

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