LXP Industrial Trust Leases 1.2 Million Square Foot Development Project in Phoenix
LXP Industrial Trust pre-leased its 1.2 million square foot Phoenix development project to a global logistics firm, locking in an 8.0% development yield on an estimated $122 million cost. The five-year lease commences December 1, 2026, with initial annual rent of $9.8 million and 3.5% annual escalations.
Key figures
- Lease term years
- 5
- Square feet leased
- 1200000
- Initial annual rent
- 9800000
- Estimated project cost
- 122000000
- Ytd leasing volume sq ft
- 4400000
- Annual escalation percent
- 3.5
- Development yield percent
- 8
AI analysis
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