(Read more on the industrial market.)
WATERLOO, IA-New York City-based Lexington Realty Trust has solda 276,480-sf distribution facility here for more than $10 million.The building is 100% occupied by Ryder Integrated Logistics Inc.,which has five years left on a 10-year lease. RubensteinProperties, also based in New York City, is the new owner.
James Clark III, principal with Chicago-based EnTrust RealtyAdvisors, handled the transaction on behalf of Lexington. "They hadheld the property for about 10 years," Clark tells GlobeSt.com."They had five years of lease left, and they felt if they weregoing to monetize, given the compression of cap rates over the lastdecade, now was the time to do it." He wouldn't give the exactprice of the sale, but says it was in the "low-teens, with a caprate in the mid-8 range."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
