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WHIPPANY, NJ-Lexington Strategic Asset Corp. of New York has acquired the 76,400-sf, three-story building at 4 Apollo Dr. here for $24.4 million. The seller was the developer of the asset, Holder Properties, and the sale price factors out to more than $319 per sf.

Situated on a 16.5-acre site, the facility is 100% net leased to CAE SimuFlite for a term of 15 years. The tenant’s obligations under the lease are unconditionally guaranteed by CAE Inc. In connection with the acquisition, LSAC obtained a non-recourse first mortgage in the original principal amount of $16.9 million. The loan carries a fixed interest rate of 6.3% and has a term to maturity of 15 years.

Seller Holder Properties developed the property as a build-to-suit for CAE SimuFlite. Currently in the late stages of construction, it’s slated to open in early 2007 and will be used by the tenant as its Northeast flight simulation training center. The building offers a combination of office space and a three-story high bay area, totaling 17,700 sf, that will house six flight simulators for pilot training.

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