February 15, 2005
TOP STORY: LXP Said To Be Closing In On $1B Wells Portfolio
By Michelle Napoli
Get ready: If this deal closes, it could easily be one of the biggest dispositions of net-lease properties to take place this year. Just as Wells Real Estate Investment Trust Inc. told its shareholders it would be doing in a letter right before the New Year, the non-listed REIT is closing in on a significant sale—about 20% of its total portfolio of properties, or roughly 6 million sf of space said to be valued at $1 billion. Word on the street is that listed REIT Lexington Corporate Properties Trust is the buyer, though the companies aren’t talking.
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