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Lexington Realty Trust funds Ala. property construction

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Lexington Realty Trust funds Ala. property construction

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.