Lexington Realty Trust announced that it has closed on a previously announced acquisition of an approximately 190,000 square foot industrial facility located in Detroit, Michigan. Lexington purchased the property for $29.7 million, with both initial cash and estimated GAAP yields of 7.4%. Built in 2015, the property is 100% net leased to FCA US LLC (formerly known as Chrysler Group LLC) for an initial 20-year lease term.

The property is located in the Detroit area near FCA's corporate headquarters and is the main logistics center for receiving and shipping just-in-time parts (only arrive as needed) to various plants in Michigan, Ohio and Ontario. Additionally, the property has convenient access to Interstate Highways 75/94/96, a major airport and port, an international crossing, and several rail carriers.