Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBIA, SC-New York City-based Lexington Realty Trust is selling a facility occupied by Blue Cross/Blue Shield of South Carolina for $36.5 million. Hefting a $22.7-million balance on a first mortgage, the REIT will walk away with $12.7 million of net proceeds upon completion of the sale. The buyer was not named, nor did Lexington return inquiries by deadline.

The REIT, headquartered at One Penn Plaza in New York City, is divesting itself of non-core assets from retail, multi-tenant and vacant properties in an effort to improve operating efficiencies and “use the proceeds primarily to reduce [Lexington's] unsecured indebtedness,” explains T. Wilson Eglin, CEO of Lexington Realty Trust, in a statement. Lexington held a 40% interest of I-20 Alpine Rd.

“We believe this disposition successfully mitigated our exposure to a potential vacancy in 2010 while providing us and our partner with a solid return on our investment over the holding period,” says Eglin. Blue Cross/Blue Shield of South Carolina, Inc. leases space at the 456,304-square-foot buliding. Its lease is up in September of 2010.

Lexington currently operates about 260 mostly single-tenant assets across property types, totaling nearly 46 million square feet.

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?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.