NEW YORK CITY-Lexington Realty Trust has purchased a 70% interest in Triple Net Investment Co. LLC for $239.3 million. Previously Lexington and Triple Net were joint venture partners in an investment program; and the transaction includes $82.7 million for the 70% interest as well as the assumption of $156.6 million of non-recourse first mortgage financing.

The acquisition gives Lexington complete ownership of the JV’s investment program, which includes 15 single-tenant, net-leased assets. The assets, which are located in 10 states throughout the country, are valued at $277.4 million.

The largest property in the portfolio is the 408,000-sf 736 AddisonRd. in Erwin, NY. The property is leased by Corning Inc through November 2016. The 2,985,145-sf portfolio also includes 8900 Freeport Pkwy. in Irving, TX; 2050 Roanoke Rd. in Westlake, TX; 3600 Army Post Rd. in Des Moines; 9201 East Dry Creek Rd. in Centennial, CO; 275 Technology Dr, in Canonsburg, PA; 4455 American Way in Baton Rouge, LA; 3711 San Gabriel in Mission, TX; 6050 Dana Way in Antioch, TN; 5350 Leavitt Rd. in Lorain, OH; 255 Northgate Dr. in Manteca, CA; 21082 Pioneer Plaza Dr. in Watertown, NY; 97 Seneca Trail in Fairlea, WV; 12080 Carmel Mountain Rd. in San Diego; and 1150 W. Carl Sandburg Dr. in Galesburg, IL.

Prior to this transaction, Lexington, which is headed by CEO T. Will Eglin, owned about 360 properties in 44 states and the Netherlands. The company’s holdings increased significantly after it acquired Newkirk Realty Trust in January.

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