Illinois warehouse gets new ownership
Michaels Stores Procurement holds 20-year lease
By Inman News, Wednesday, January 21, 2004.Inman News®
A joint venture investment program of Lexington Corporate Properties Trust acquired a 693,000-square-foot distribution facility in New Lenox, Ill.
The value of the transaction was $28.6 million.
The property, which is located on 45 acres, is net leased to Michaels Stores Procurement Co. Inc. for 20 years. The obligations of the tenant under the lease are guaranteed by Michaels Stores Inc.
Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties.
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