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NEW YORK—A subsidiary of New York-based Lexington Realty Trust, a real estate investment trust (REIT), has closed on the acquisition of an industrial build-to-suit facility for a capitalized cost of approximately $13 million. The newly constructed 258,000-sq.- ft. warehouse and distribution facility is on a 27-acre site in Shreveport, La.
The facility is net-leased to The Tire Rack Inc. until 2022.
A Lexington subsidiary had provided $2.5 million in construction financing for the construction of the facility, which was fully repaid by the developer upon the acquisition disclosed above.
