Lexington Corporate Properties inks Lexington Corporate inks new lease with Mimeo.com Lexington Corporate Properties Trust, a real estate investment trust, has entered into new lease agreements for three of its properties. The properties are located in Modesto, Calif.; Bessemer, Ala.; and Memphis. The Memphis property is a 141,359-square-foot office and industrial facility. Mimeo.com, the current tenant, has agreed to lease 35,000 square feet while continuing to pay operating expenses for the entire property until the vacant space is re-leased. The new lease agreement, which amends an existing lease for 107,000 square feet, expires Oct. 31, 2009. The annual net rent payable under the new lease is about $175,000 and will increase to $192,500 on Nov. 1, 2004. In connection with entering into the amended lease Lexington will receive 10-year warrants, giving it the right, but not the obligation, to acquire 500,000 Mimeo.com common shares at 16 cents per share. The Modesto property is a 146,000-square-foot industrial facility currently net-leased to Crown, Cork and Seal Inc. and subleased to PACCAN Inc. The lease extension is for 10 years commencing Sept. 26, the termination date under the current lease. The Bessemer property is a 123,924-square-foot industrial facility net-leased to Allegiance Health Care Corp. The lease extension is for five years commencing Nov. 1, the termination date under the current lease. ``Although we are disappointed that the space use needs of our tenant in Memphis have changed, we have taken this possibility into consideration when giving earnings guidance for this year and next,'' said Stephen C. Hagen, senior vice president. Lexington Corporate Properties Trust is a real estate investment trust that owns and manages a portfolio of office, industrial and retail properties net-leased to major corporations throughout the nation. Hickory Gardens Associates LLC, a Virginia limited liability company, purchased 36.4 acres at 3417 Ridgeway Road from Shelter Properties VII LP, a South Carolina limited partnership for $11.7 million, according to a special warranty deed filed in the Shelby County Register's Office July 17.