LexingtonRealty Trust agreed to fund the construction of an industrialfacility in Opelika, Ala., following the end of the first quarter.
The maximum commitment is $37.0 million, and the propertywill be net leased for a 25-year term upon completion.
During the quarter, the company sold about $58 million ofconsolidated properties. Subsequent to quarter-end, it sold its 15 West 45thSt. land investment in New York City for gross proceeds of $37.5 million. Inconnection with the sale, the buyer assumed the $29.2 million mortgage.
It also sold an office property in Lake Forest, Calif., inMay for $19.0 million in gross proceeds.