Lexington acquires Midwest office properties

Tenants occupy buildings on long-term leases

Lexington Corporate Properties Trust acquired two Midwest office properties totaling 248,343 square feet. The total value of the transactions was $22 million. The Clive, Iowa, property is a two-story office building containing 61,180 square feet that is net-leased to Principal Life Insurance Co. through Jan. 31, 2012. The purchase price was $9.3 million. The Southfield, Mich., property consists of two adjacent office buildings containing a total of 187,163 square feet. The property is net-leased to Federal-Mogul Corp. through Jan. 31, 2015. The purchase price was $12.7 million. Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties. *** What's your opinion? Send your Letter to the Editor to [email protected]...