MIAMI—Lexington Realty Trust aquired a portfolio of 10 retail locations leased to BluePearl Veterinary Partners, a 24-hour emergency pet care provider. The sale price is $52.6 million.
Joshua Pardue of Stan Johnson Company's New York office represented both parties in the transaction. All properties, which span more than 139,000 square feet of emergence medical space and administrative offices, are under a long-term master lease.
Five of the assets are in Florida. Other properties are in Georgia, Texas, Michigan and Illinois.
”This transaction is significant due to the low benchmark cap rate achieved for a small-cap company, the unique nature of the veterinary use and the complexity of the master-lease structure," Pardue tells GlobeSt.com. "This structure had to address a diverse national real estate portfolio with challenging nuances on multiple assets and be completed in two closings.”
According to Pardue, Stan Johnson structured the transaction in a way that helped
capitalize the veterinary organization. He called the structure a win-win that facilitated the investment objectives of Lexington.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
