{"id":1004351747,"date":"2019-09-12T01:23:58","date_gmt":"2019-09-12T09:23:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004351747"},"modified":"2019-09-12T06:45:18","modified_gmt":"2019-09-12T14:45:18","slug":"lexington-realty-buys-big-upholds-investment-strategy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/","title":{"rendered":"Lexington Realty Buys Big, Eying E-Commerce"},"content":{"rendered":"
\"\"<\/a>

600 Gateway Blvd. Image courtesy of Lexington Realty Trust<\/em><\/p><\/div>\n

Lexington Realty Trust has acquired a 2.4 million-square-foot e-commerce industrial portfolio in metro Cincinnati from IDI Logistics for about $180 million. The three buildings are all recently constructed, Class A warehouse\/distribution facilities in Park North at Monroe, a logistics park developed by IDI along the east side of Interstate 75 in Warren County, in the northwest metro area.<\/p>\n

\n

READ ALSO:<\/strong> Broadstone Net Lease Buys $736M Industrial Portfolio<\/a><\/p>\n

\n

Each property is 100 percent net-leased to notable tenants\/guarantors. Amazon occupies the park\u2019s largest facility, the 1.3 million-square-foot Building 6, at 700 Gateway Blvd. Hayneedle\/Walmart is a tenant in the 994,000-square-foot Building 8 at 600 Gateway Blvd., and Blue Buffalo\u2014a division of General Mills\u2014 leases the 143,700-square-foot Building 5 at 675 Gateway Blvd. The portfolio has a weighted-average lease term of approximately 9.3 years and average annualized rental escalations of about 2 percent.<\/p>\n

\"\"<\/a>

675 Gateway Blvd. Image courtesy of Lexington Realty Trust<\/em><\/p><\/div>\n

In its announcement on the transaction, Lexington described the acquisition as consistent with its investment strategy of purchasing well-located, high-quality industrial assets as it transitions to a 100 percent industrial-focused net-lease REIT. So far this year, Lexington\u2019s investment activity totals roughly $440 million. In addition, the company notes that it currently has about $170 million of warehouse\/distribution properties under an accepted offer or contract.<\/p>\n

Lexington\u2019s strategy to transition toward being a pure-play in single-tenant, net-leased industrial properties has been underway for at least a year now. In September 2018, the REIT sold a 3.8-million-square-foot office portfolio for $726 million<\/a>, though it kept a 20 percent stake in the joint venture that purchased the assets.<\/p>\n

A consistently tight market <\/h2>\n

The two-state metro Cincinnati industrial market saw a slight uptick in vacancy, but the average direct vacancy increased to only 3.6 percent, still well below the historical average, according to a second-quarter report from Cushman & Wakefield. Industrial construction hit a record 9.7 million square feet, which is expected to help push total vacancy over 4 percent.<\/p>\n

Nonetheless, the amount of built-to-suit space and new leases are expected to keep net absorption positive through the end of 2019. The average asking rent for Class A bulk warehouse space in the Northwest submarket is $4.17 per square foot, again per Cushman & Wakefield.<\/p>\n","protected":false},"excerpt":{"rendered":"

The $180 million portfolio transaction is part of the company’s plan to transition to a 100 percent industrial-focused net-lease REIT. <\/p>\n","protected":false},"author":882,"featured_media":1004351771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21743,21808,21748,21783,13],"tags":[37482,32799,38167,40218,36727,32917],"class_list":["post-1004351747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cincinnati","category-deals","category-featured","category-industrial","category-investment","category-midwest","tag-amazon","tag-cushman-wakefield","tag-general-mills","tag-idi-logistics","tag-lexington-realty-trust","tag-walmart"],"acf":[],"yoast_head":"\nLexington Realty Buys Big, Eying E-Commerce - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lexington Realty Buys Big, Eying E-Commerce\" \/>\n<meta property=\"og:description\" content=\"The $180 million portfolio transaction is part of the company's plan to transition to a 100 percent industrial-focused net-lease REIT.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-12T09:23:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-12T14:45:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3617\" \/>\n\t<meta property=\"og:image:height\" content=\"2803\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/\",\"name\":\"Lexington Realty Buys Big, Eying E-Commerce - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg\",\"datePublished\":\"2019-09-12T09:23:58+00:00\",\"dateModified\":\"2019-09-12T14:45:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg\",\"width\":3617,\"height\":2803,\"caption\":\"600 Gateway Blvd. Image courtesy of Lexington Realty Trust\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lexington Realty Buys Big, Eying E-Commerce\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Lexington Realty Buys Big, Eying E-Commerce - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/","og_locale":"en_US","og_type":"article","og_title":"Lexington Realty Buys Big, Eying E-Commerce","og_description":"The $180 million portfolio transaction is part of the company's plan to transition to a 100 percent industrial-focused net-lease REIT.","og_url":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-09-12T09:23:58+00:00","article_modified_time":"2019-09-12T14:45:18+00:00","og_image":[{"width":3617,"height":2803,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/","url":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/","name":"Lexington Realty Buys Big, Eying E-Commerce - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg","datePublished":"2019-09-12T09:23:58+00:00","dateModified":"2019-09-12T14:45:18+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg","width":3617,"height":2803,"caption":"600 Gateway Blvd. Image courtesy of Lexington Realty Trust"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/lexington-realty-buys-big-upholds-investment-strategy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Lexington Realty Buys Big, Eying E-Commerce"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/600.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004351747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004351747"}],"version-history":[{"count":6,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004351747\/revisions"}],"predecessor-version":[{"id":1004351972,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004351747\/revisions\/1004351972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004351771"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004351747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004351747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004351747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}