LXP in PHX
Industrial focused LXP Industrial (NYSE: LXP) announced the purchase of a 37-acre infill redevelopment site in the South Airport submarket of Phoenix, AZ for $103 million.
The property and its existing 600,000 square foot Class A office campus (plus two parking structures) are currently subject to a triple net lease with Phoenix Education Partners (NYSE: PXED) through March 2031 (annual cash rent of $16.1 million with 2.0% annual rental increases).
LXP intends to redevelop the property into approximately 400,000 to 450,000 square feet of industrial facilities upon lease expiration.
Based on this investment activity along with additional leasing execution, LXP increased its 2026 Adjusted Company FFO guidance to a new range of $3.30 to $3.40 from $3.22 to $3.37 per diluted common share.
Deal sheet
JLL Capital Markets announced the sale of a six-property FedEx industrial portfolio for $300 million. The properties total 1.6 million building square feet across five Southeast states, were built from 2022-23, and range from ~250,000-340,000 sq. ft. each. JLL represented the sellers, PGIM and Miramar Capital, in the transaction. The buyer was not disclosed.
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