ANNISTON, Ala.--Lex Anniston LP has acquired a 267,000-square-foot manufacturing facility in Anniston, Ala., for $20.9 million. The facility is currently leased to a single tenant, International Automotive Components Group North America Inc.
According to Natasha Roberts, executive vice president and director of acquisitions for Lexington Realty Trust, the tenant recently expanded and signed a new 15-year lease. In addition, the tenant invested over $20 million into the property with the installation of heavy machinery.
Originally built in 1992 and expanded to 140,000 square feet in 2004, it later added 127,000 square feet. The asset is on a 19.89-acre parcel of land.
Approximately 70 miles east of Birmingham and 90 miles west of Atlanta, Anniston is a hub for a number of automotive manufacturers and parts distributors throughout the southeastern U.S.
Jonathan Wolfe and Jordan Shtulman, managing principals and co-founders at STREAM Capital Partners advised the seller on the sale of the property.
New York City-based Lexington Realty Trust is a REIT that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land.
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