A Lexington joint venture has expansion plans. For additional information, go to Lexington Expands JV.

Both properties are net leased to Invensys Systems, Inc. through July 1 2015 and 2014 respectively. The transaction includes the assumption of $39.1 million in first mortgages.

Since Thanksgiving, there has been a rash of deals for fully leased properties going to REITs and other investors. National Office Partners picked up Wellesley Gateway for $70 million just before the holiday, Oasis Development acquired a 12-asset suburban Boston portfolio for $157 million, and Everest Partners scored six buildings from three different sellers two weeks ago.

"There is a lot of equity and capital available for these core assets," Scott Hughes, president of Hughes Properties Inc. of Framingham, tells GlobeSt.com. "These types of portfolios that are net leased with strong credit tenants with length of term, are very desirable to investors and institutional buyers."

The sale of these properties represents the total liquidation of Dana's investment real estate assets in the US. Earlier this year, Joe Beham, vice president of the capital markets group for Dana, told GlobeSt.com that the company was leaving the finance business to focus on its core business of designing, engineering and manufacturing automotive products. At that time, Dana had just sold a four-property, one-million-sf portfolio in the Houston area--also to Lexington--leaving the division with about $50 million in assets. Beham tells GlobeSt.com that Dana still has about $700 million in overseas real estate holdings, including hotels in Australia and the Sun Life headquarters in Bristol, UK.

The properties mark the fourth acquisition for the REIT in the Greater Boston area. In July, Lexington acquired the 100,000-sf headquarters of Cadence Design Systems, Inc. in Andover. Lexington bought a 58,000-sf building in Southborough in 1999, and a 126,000-sf building in Marlborough in 1997. Both buildings are currently fully leased to divisions of the Honeywell Corp.