NJNG will stay on for some time with its headquarters operations: The utility has signed a net lease that doesn't expire until June 30, 2021.
In connection with the acquisition, Lexington assumed non-recourse first mortgage financing of approximately $27.5 million, according to company officials. The loan bears interest at a fixed rate of 7.32% and matures on January 1, 2021.
The New York-based Lexington, a REIT, owns and manages office, industrial and retail properties new leased to major corporations throughout the country. Its other holdings include buildings occupied by Aventis Pharmaceuticals in Parsippany (340,000 sf), Linens 'N Things in Logan Twp. (263,000 sf) and Bally Physical Fitness in Voorhees Twp. (32,000 sf).
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