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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.

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