LXP Industrial Trust (LXP) said Wednesday it has executed a lease for an industrial facility in Greenville/Spartanburg, South Carolina, to a US subsidiary of a global logistics firm.
The two-year lease for the approximately 1.1-million-square-foot facility begins on June 1, with two five-year renewal options, and has an initial rent of $5.50 per square foot with 3.25% annual rental escalations, the company said.
LXP said the lease results in an estimated stabilized cash yield of about 8% for the project.
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