PLYMOUTH, IN-A distribution facility located at 2935 Van Vactor Way has been acquired by New York-based Lexington Strategic Asset Corp., a specialty real estate company externally advised by a subsidiary of Lexington Corporate Properties. Sales price was approximately $8.9 million.
The distribution facility consists of two single-story warehouse/distribution buildings that are linked by a common walkway and contain an aggregate of approximately 300,500 sf located on an approximate 16.3-acre parcel. The first half of the distribution project was built in 2000, while the rest was completed in 2003.
The facility is net-leased to BayValley Foods, LLC through June 2015 under two cross-defaulted leases. Brendan Mullinix, chief operating officer of Lexington Corporate Properties Trust, tells GlobeSt.com that "this is a well-located facility that is equidistant between two major markets, Chicago and Indianapolis." The tenant also has its manufacturing facility located nearby as well.
In connection with this acquisition, Lexington Strategic Asset Corp. has arranged for non-recourse first mortgage financing in the original principal amount of about $6.7 million. The loan has a fixed interest rate of 6.32%.
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