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LANCASTER, CA-Lexington Corporate Properties Trust completed a previously announced, $15.1 million expansion of a distribution facility that it leases to retailer Michael’s Stores.

The 331,000-sf expansion is leased to Michael’s for 17 years at an annual net rent of approximately $1.8 million, or 11.97% of construction cost. The lease on the original 431,250-sf building, scheduled to expire in June, 2013, was extended to September, 2019. The building is one of the largest industrial facilities in Lancaster, an outlying area of Los Angeles County that has grown substantially in recent years.

Philip L. Kianka, a Lexington vice president, said the company expects to place permanent financing on the recently constructed expansion later this year.Lexington is a real estate investment trust that owns and manages office, industrial and retail properties net leased to major corporations throughout the United States. An affiliate, Lexington Realty Advisors Inc., provides investment advisory and asset management services to investors in the net lease arena.

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