Home Add to Favorite Contact Submit  
           29 March, 2024


    
Category:  Press » Real Estate

 

Lexington Corporate Properties Trust Announces Acquisition in Downtown Honolulu, Hawaii

Popularity:
         Views: 1818
2006-12-25 23:08:35     
Lexington Corporate Properties Trust

Lexington Corporate Properties Trust ("Lexington") (NYSE: LXP), a real estate investment trust, today announced that it acquired the fee-simple interest in the buildings comprising one city block ("Honolulu Super Block") in downtown Honolulu, Hawaii for a purchase price of approximately $34.7 million from Campbell Hawaii Investors LLC and Austin Interests.

Honolulu Super Block, bordered by three main downtown streets (South King, Bethel, and South Hotel Streets) and one major pedestrian thoroughfare (Fort Street mall), currently houses three low-rise multi-tenant office/retail buildings and one building under a condominium property regime comprised of a two-story retail building occupied by Macy's and an attached 5-story parking garage. The block is centrally located near the core of Honolulu's Central Business District, Chinatown and the growing Arts & Culture district and is one of the few remaining redevelopment sites in urban Honolulu with 450 foot building height potential.

Honolulu Super Block encompasses 79,461 square feet of land area, improved with buildings totaling 297,441 rentable square feet. Under current zoning, the property is expected to support mixed use development of up to 595,000 square feet. The existing buildings are approximately 97% leased under leases which expire by the end of 2012.

Lexington acquired a leasehold position in the Macy's department store on Honolulu Super Block in December, 1996 for approximately $10.6 million. The Macy's department store consists of 85,610 rentable square feet.

Commenting on the acquisition, John B. Vander Zwaag, Executive Vice President, said, "This acquisition demonstrates an important advantage of investing in properties subject to long-term net leases. Through our leasehold investment in Macy's department store, we have been witness to the growth of the downtown Honolulu market and the corresponding increase in property values, and we were able to capitalize on this rare opportunity to purchase a prime block in downtown Honolulu."

Andrew Friedlander and Jon-Eric Greene of Colliers Monroe Friedlander in Honolulu represented the seller. Lexington has no immediate plans to develop the property and has retained Colliers Monroe Friedlander to lease and manage the property.

About Lexington

Lexington is a real estate investment trust that owns and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington currently pays an annualized regular dividend of $1.46 per share. On July 23, 2006, Lexington and Newkirk Realty Trust, Inc. entered into an agreement and plan of merger that provides for the merger of Newkirk with and into Lexington. The merger, which has been approved by Lexington's board and shareholders and Newkirk's board and voting stockholders, is expected to be consummated at year end.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's or Newkirk's control which may cause actual results, performance or achievements of Lexington or Newkirk to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in Lexington's and Newkirk's periodic filings with the Securities and Exchange Commission. Neither Lexington nor Newkirk undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's or Newkirk's expectations will be realized.

Specialized in: Lexington Corporate Properties - Acquisition
URL: http://www.lxp.com
Print press release      Bookmark this page
Related Press releases 
Virginia Beach Real Estate Agency Educates On How To Buy A Beach House (Popularity: ): Virginia Beach, Virginia (press.abc-directory) April 24, 2020 - Katie Zarpas Group, a Virginia Beach Real Estate Agency, recently released a blog on how to buy a beach house. There are different factors to consider when buying a beach house versus a typical residential establishment.Buying a beach house is seen primarily as a good return on investment and serves as a great getaway. However, buying one is vastly different from buying ...
Real Estate Expert Marian Schaffer of Southeast Discovery Shares 9 Tips for Buying a Home in a Gated Community (Popularity: ): Libertyville, IL - January 05, 2017 -- Marian Schaffer, Principal and Founder of Southeast Discovery, a real estate consulting firm specializing in guiding Baby Boomers with their real estate needs in the niche markets of retirement relocation and second homes in the Southeast region, recently shared 9 tips for buying a home in a gated community.“Many of the clients we’ve worked with in the last 10 years want to buy ...
Real Estate Worldwide (REWW) Launches Real Market Experts to Help Real Estate Investors Better Establish Themselves in Their Local Communities (Popularity: ): La Jolla, California - July 01, 2016 -- Real Estate Worldwide, a market leader in real estate education and marketing software, with offices in Scottsdale, Arizona and La Jolla, California, recently launched Real Market Experts, a suite of web services designed specifically for real estate investors. The brainchild of Kent Clothier, CEO and President of REWW, Real Market Experts helps real estate investors establish more of a digital footprint in ...
Prestige Group Launches Prestige Royale Gardens (Popularity: ): Bangalore, India, August 15th, 2013 -- The Prestige Group credited with being the most successful and innovative property developer in South India unveils Prestige Royale Gardens, in Yelahanka. The new project is a luxury development and promises to enhance the quality of living in the fast growing, North Bangalore.Irfan Razack, CMD, Prestige Group adds, “We are happy to announce the launch of our next major project in the city, one ...
MeetMyAgent Comments as Co-Operative Bank Launches 10% Mortgage (Popularity: ): London, United Kingdom (26 November, 2012) – MeetMyAgent.co.uk, an independent estate agent review and rating website, comments after the Co-Operative Bank announced the launch of a two-year fixed rate mortgage for borrowers with a 10 per cent deposit, and charges under 4 per cent interest.The mortgage from the Co-operative Bank carries no set-up fee, and charges 3.99 per cent until 31st December 2014. This offer is now the UK’s official ...


Related Business 
Honolulu Hawaii Divorce Lawyer (Popularity: ): Honolulu HI divorce lawyers that handles Hawaii divorce, child custody, child support and military divorces. Our Honolulu family law attorneys handle all family law matters. Honolulu divorce attorney. Honolulu HI family lawyer.
Kamehameha Toastmasters - Honolulu, Hawaii (Popularity: ): One of the original Toastmasters clubs in Honolulu, Hawaii helps members learn to lead, delegate, and motivate.
Express Wedding Honolulu (Popularity: ): At Express Wedding Honolulu, your Hawaii wedding ceremony will be performed by a minister licensed by the State of Hawaii Department of Health as a marriage officiant and civil union performer. Our basic service is designed to be a hassle free, easy transition for our newlyweds or for couples interested in vow renewal in Hawaii.
Cen Pac Properties, Inc. (Popularity: ): Since 1964, Cen Pac Properties, Inc. has provided comprehensive rental property management services in Hawaii for individual rental properties as well as commercial and residential buildings. We handle rentals and condos in Honolulu and all over Oahu. Our philosophy about property management is simple: Make sure both property owners and occupants have what they need.
Vineyard Christian Fellowship of Honolulu (Popularity: ): Honolulu, Hawaii. Small church (and a big family) with around 60 members.
The Queen's Medical Center (Popularity: ): Private, non-profit acute medical care facility located in downtown Honolulu. Largest private hospital in Hawaii.
Hawaii General Practice Law Office (Popularity: ): Honolulu, Hawaii attorneys specializing in real estate, health care, nonprofit and landlord-tenant law. Services also provided for incorporating Hawaii businesses. Serving all Hawaii islands, including Oahu, Big Island & Maui. Our Hawaii attorneys serve Hawaii, national and international businesses as well as individuals. We believe in helping you understand both your legal issues and your legal options.
CV Construction, LLC. (Popularity: ): CV Construction, LLC is a Honolulu, Hawaii construction company with 15+ years experience in both Commercial & Home Construction and Remodeling. We're a licensed Hawaii general contractor ready to help you with any of your renovation or construction needs on Oahu. Remodeling & construction company in Honolulu, Hawaii. Both home and commercial projects done. Kitchen & bathroom renovations, office remodels and more.
Hawaii Bowl (Popularity: ): Official site. Played in Honolulu, Hawaii.
Kupuna Monitoring Systems, Inc. (Popularity: ): Get medical alert services Hawaii and enhance a sense of security. KupunaMonitoring offer secure medical alert services at Honolulu. Medical alarm system Hawaii help seniors live independently. Lifeline Honolulu - Use of our Philips Lifeline Medical Alert equipment and service is a small price.