Lexington REIT buys city block in Hawaii

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Lexington Corporate Properties Trust acquired the fee-simple interest in the buildings comprising one city block ("Honolulu Super Block") in downtown Honolulu for a purchase price of approximately $34.7 million. Honolulu Super Block, bordered by three main downtown streets (South King, Bethel, and South Hotel) and one major pedestrian thoroughfare (Fort Street mall), currently houses three low-rise multitenant office/retail buildings and one building under a condominium property regime comprised of a two-story retail building occupied by Macy's and an attached five-story parking garage. The existing buildings were approximately 97 percent leased through the end of 2012. Campbell Hawaii Investors LLC and Austin Interests sold the property to Lexington, a real estate investment trust, which has no immediate plans to develop the property. ...