Lexington Realty Trust buys three BluePearl properties

BUYER: Lex BP Houston LP (LRA Manager Corp.), New York City
SELLER: TBYC Holdings LLC
PROPERTY: 3000 Busch Lake Blvd., Tampa
PRICE: $7.03 million
PREVIOUS PRICE: $99,000, March 2001

SELLER: IAfrica LLC
PROPERTY: a portion of Cale Lane east of Twin Lakes Boulevard south of Busch Lake Boulevard, Tampa
PRICE: $2.17 million

SELLER: IAfrica LLC
PROPERTY: 2910 Busch Lake Blvd., Tampa
PRICE: $790,000
PREVIOUS PRICE: $445,000, October 2005

BUYER: BP Lessor LLC (Global Securitization Services LLC), Melville, New York
SELLER: IAfrica LLC
PROPERTY: 4525 Ulmerton Road, Clearwater
PRICE: $1.61 million
PREVIOUS PRICE: $850,000, August 2007
LAW FIRM ON DEED: Holland & Knight LLP

PLANS, DESCRIPTION: Lexington Realty Trust purchased three of the region's four BluePearl Veterinary Partners properties for a total of $11.61 million.

The real estate investment trust purchased BluePearl's locations at 3000 Busch Lake Blvd., Tampa; 607 Lumsden Professional Court, Brandon; and 4525 Ulmerton Road, Clearwater. The Tampa location is roughly 16,000 square feet, the Brandon property is 6,000 square feet and the Clearwater building is 2,754 square feet.

The sales were part of a 10-property portfolio Lexington Realty Trust purchased for $52.6 million. The entire portfolio features 139,000 square feet of emergency care medical and administrative office space in Florida, Texas, Michigan, Georgia and Illinois.

BluePearl Veterinary Partners will continue to lease and operate from the properties.

The sale did not include the Sarasota location, which BluePearl shares with Sarasota Veterinary Emergency and Specialty Center.

Joshua Pardue of Stan Johnson Company's New York office handled the transaction.

“This transaction is significant due to the low benchmark [capitalization] rate achieved for a small-cap company, the unique nature of the veterinary use and the complexity of the master-lease structure,” said Pardue. “This structure had to address a diverse national real estate portfolio with challenging nuances on multiple assets and be completed in two closings.”