The three-story, 125,000-sf facility at 12 Mile and Halstead, near I-696 inthe Farmington Hills Corporate Center complex, houses an innovation center,technical review center, product display center, engineering developmentfacilities, six laboratories including full-vehicle testing and componentlabs along with 27 conference rooms.The facility was constructed in 2001 for $23.7 million by Kojaian Cos. ofBloomfield Hills.
The property is 100% leased to Motorola through December 31, 2016.Richard J. Rouse, vice chairman and chief investment officer, said thecompany is pleased to announce the eleventh investment of its institutionaljoint venture program, which has now invested a total of $363.5 million insingle tenant, net leased office and industrial properties.
"We continue to work on other acquisitions that meet our criteria for tenantcredit, lease and total return characteristics, and with interest rates atsuch attractive levels the investment climate remains positive. In thisinstance, we anticipate obtaining $21.4 million of non-recourse mortgagefinancing at a fixed interest rate of 5.42 percent," Rouse said.
Lexington did not reveal its partner in the purchase.Motorola Automotive is a supplier of electronics equipment for cars andtrucks.
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