RANCHO CORDOVA, CA-Lexington Corporate Properties Trust has acquired through one of its development joint ventures a net-leased 158,582-sf office development here for about $31.8 million. The purchase price included $17.4 million of assumed debt that bears interest at about 7.3% and matures in 2014.The 11-acre development consists of two, two-story buildings constructed in 2002. The property is net- leased to Progressive Casualty Insurance Company through July 31, 2012.Lexington officials could not be reached for comment on the address of the property, the seller, or its joint venture partner in the acquisition. Earlier this month, Lexington announced an expansion of its joint venture with (ING) Clarion Lion Properties Fund LLC, which invests in single-tenant net-leased real estate throughout the United States. Lexington and the Lion Fund plan to contribute an additional $25.7 million and $60 million, respectively, to the JV, increasing its acquisition capacity by $210 million (assuming 60% leverage) and taking to total equity committed to the JV to $185.7 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.