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Lexington advances portfolio repositioning plan with $58.2M in asset sales

Lexington RealtyTrust unloaded a pair of suburban office properties and a specialty/retailasset across three states during the first quarter, as part of its plan to disposeof $600 million to $700 million of assets.

The company said April 4 that the sales generated about $58.2million in gross proceeds, with a 6.5% weighted-average cap rate. It retired roughly$8.3 million of mortgage debt in conjunction with the sales.

"All three sales highlight successful execution of our portfoliorepositioning strategy, further reducing our short-term office, multitenant andspecialty/retail exposure," while "fully stabilizing the suburban officeassets," President and CEO T. Wilson Eglin said in a release.

The 113,565-square-foot multitenant office asset at 4200/4400Northcorp Pkway in Palm Beach Gardens, Fla., with The Weiss Group LLC as primarytenant, sold for $30.1 million, while the 87,718-square-foot office property at2550 Interstate Dr. in Harrisburg, Pa., which is mainly leased to AT&T ServicesInc., went for $10.6 million. The 77,076-square-foot specialty/retail asset at 25500State Hwy. 249 in Tomball, Texas, is leased primarily to Parkway Chevrolet Inc.and was sold for $17.6 million.

Lexington added that it completed approximately 1.7 million squarefeet of new leases and lease extensions during the first quarter, with early leaseextensions comprising the majority of this volume.