For $5.3 million, the REIT got the 170-acre Silverhorn Golf Club at 11411 N. Kelley Ave., 13,900-sf clubhouse and golf club garage. The tenant, American Golf Corp. headquartered in Santa Monica, CA, has the 1991-constructed Silverhorn leased through December 2017.
In the Woodlands, the REIT paid $10 million for the 41,000-sf Sadler Clinic at 9201 Pinecroft Dr. to Pinecroft Development Inc. in the Greater Houston area. Situated on 3.1 acres, the two-story, four-year-old building is leased to Montgomery County Management Co. LLC through October 2019.
To invest in these two properties, the specialty investment REIT obtained a $7.5-million, non-recourse, first mortgage loan at a fixed rate of 6.5%. The loan will be conterminous with the net leases. Lexington Strategic could not be reached for comment by publication time.
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