LXP Industrial Trust Leases 1.1M sqft Facility in Greenville/Spartanburg for $5.50/sqft.

LXP Industrial Trust has signed a lease for a 1.1 million sq. ft. industrial facility in the Greenville/Spartanburg, South Carolina market. The lease, with a global logistics company, commences on June 1, 2025, for a two-year term with renewal options and an initial rent of $5.50 per sq. ft. with 3.25% annual escalations. The signing of the lease results in an estimated stabilized cash yield of approximately 8.0%.

LXP Industrial Trust (NYSE: LXP), a real estate investment trust (REIT) specializing in Class A warehouse and distribution investments, has announced the execution of a significant lease agreement for its approximately 1.1 million square foot industrial facility in the Greenville/Spartanburg, South Carolina market. The lease, signed with a U.S. subsidiary of a global logistics company, commences on June 1, 2025, for an initial two-year term with two five-year renewal options. The initial rent is set at $5.50 per square foot with an annual escalation of 3.25%.

The lease agreement is expected to generate approximately $3.7 million in Base Rent and operating cost reimbursement in 2025, resulting in an estimated stabilized cash yield of approximately 8.0% for the development project. This lease marks a significant milestone for LXP, as it continues to expand its portfolio and drive earnings growth.

To date, LXP has developed 15 facilities totaling 9.1 million square feet, with 74% of this space already leased at an average estimated stabilized cash yield of 7.1%. The company still has 2.3 million square feet of spec development space available for leasing. This latest lease is a key component of LXP's strategy to maximize earnings growth through leasing its remaining spec development space and leveraging contractual rent growth.

T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented on the significance of this lease, stating, "Leasing our Greenville/Spartanburg industrial facility to a full building user is an important component of our earnings growth. We expect this lease to generate approximately $3.7 million of Base Rent and operating cost reimbursement in 2025. To date, we've developed 15 facilities totaling 9.1 million square feet, 74% of which has been leased at an average estimated stabilized cash yield of 7.1%. Leasing our remaining 2.3 million square feet of spec development, together with the embedded mark-to-market opportunities in our portfolio and contractual rent growth, are compelling drivers of earnings growth."

LXP Industrial Trust is a publicly traded REIT focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and Midwest. The company seeks to expand its portfolio through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information, visit [www.lxp.com](http://www.lxp.com).

References:
[1] https://www.globenewswire.com/news-release/2025/05/21/3085573/19004/en/LXP-Industrial-Trust-Leases-1-1-Million-Square-Foot-Industrial-Facility-in-Greenville-Spartanburg.html
[2] https://www.stocktitan.net/news/LXP/lxp-industrial-trust-leases-1-1-million-square-foot-industrial-j3zjmtdvwx72.html
[3] https://www.marketscreener.com/quote/stock/LXP-INDUSTRIAL-TRUST-13444/news/LXP-Industrial-Trust-Leases-1-1-Million-Square-Foot-Industrial-Facility-in-Greenville-Spartanburg-50024040/