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Two Vacant Projects Sold for $180M to Undisclosed Buyer
ByAinvest
Thursday, Oct 2, 2025 6:58 am ET1min read
LXP Industrial Trust sold two vacant development projects in Ocala, Florida and Indianapolis, Indiana to an undisclosed buyer for approximately $180 million. The buyer paid $175 million in cash, with $175 million allocated to each project. LXP expects to receive $151 million in net proceeds after deductions, which will be used for debt repayment and other corporate purposes.
LXP Industrial Trust (NYSE:LXP), a real estate investment trust (REIT) specializing in Class A warehouse and distribution properties, has completed the sale of two vacant development projects for $175 million. The properties, totaling 2,138,640 square feet, are located in Ocala, Florida and Indianapolis, Indiana [2].The transaction, which closed on September 30, 2025, represents a 20% premium ($29 million) above the properties' gross book value as of June 30, 2025. LXP anticipates receiving net proceeds of $151 million after deductions, which will be allocated towards debt repayment and general corporate purposes [2].
The gross sale price represents a 20% premium, or $29 million, to the gross book value of the properties as of June 30, 2025. LXP expects to receive net proceeds of approximately $151 million after deducting minority partner distributions and transaction costs. Net proceeds from the sale will be used for debt repayment and other general corporate purposes [2].
LXP Industrial Trust is focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest. The company seeks to expand its portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects, and other transactions [2].
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