Lexington Corporate Properties Trust acquired two Midwest office properties totaling 248,343 square feet.
The total value of the transactions was $22 million.
The Clive, Iowa, property is a two-story office building containing 61,180 square feet that is net-leased to Principal Life Insurance Co. through Jan. 31, 2012. The purchase price was $9.3 million.
The Southfield, Mich., property consists of two adjacent office buildings containing a total of 187,163 square feet. The property is net-leased to Federal-Mogul Corp. through Jan. 31, 2015. The purchase price was $12.7 million.
Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties.
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