The New York-based real estate investment trust has obtained the financing at a fixed interest rate of 5.92%. The loan matures in September 2013 and requires annual payments of $642,000, the company says.
The property is a recently completed expansion of a warehouse and distribution facility in Lancaster that is leased to Michael's Stores Inc. through September 2019 at annual net rent of $1.81 million. The 331,000-sf expansion was completed at a cost of $15.2 million. The expansion, which added to an original, 431,250-sf building, created one of the largest industrial facilities in Lancaster, an outlying area of Los Angeles County that has grown substantially in recent years. Lexington owns and manages office, industrial and retail properties net leased to major corporations throughout the United States.
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