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MODESTO, CA-Lexington Corporate Properties Trust has signed a 10-year lease extension for its 146,000-sf industrial property here at 567 S. Riverside Dr. The property is net-leased to Crown, Cork and Seal Inc. and subleased to PACCAN, Inc. The new lease commences September 26, 2001, which is when the current lease ends.

The annual net rent payable during the term of the new lease will be $315,000 for the first five years and will increase annually thereafter. Over the life of the lease, the average annual net rent payable is $332,880, an increase of 11.8% compared to the current annual net rent.

The warehouse and manufacturing building was built for Crown Cork & Seal in 1970 and expanded in 1976. The building contains approximately 44,000sf of manufacturing space and 95,000sf of warehouse space.

Lexington Corporate Properties Trust owns and manages a portfolio of office, industrial and retail properties net-leased to major corporations throughout the United States Lexington acquired the Modesto property in September 26, 1986, for $4.06 million. According to the company’s Web site, the property holds a debt of $2.04 million at 8.10% interest that includes a $1.87 -million balloon payment due May 25, 2005.

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