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Stocks•30 April 2026•

1 min read

LXP Industrial Trust Pre-Leases 1.2M Sq Ft Phoenix Project to Global Logistics Firm

Key Facts

1LXP Industrial Trust announced the pre-leasing of a 1.2 million square foot development project in Phoenix to a global logistics company.

2The lease is expected to commence on December 1, 2026, for a five-year term at an initial annual cash base rent of $9.8 million.

3The estimated total project cost is approximately $122 million with an estimated development cash yield of approximately 8.0%.

LXP Industrial Trust has successfully pre-leased its entire 1.2 million square foot speculative warehouse development in Phoenix to a global logistics subsidiary. The lease agreement is set to commence on December 1, 2026, for a five-year term, generating an initial annual cash base rent of $9.8 million. The contract includes a 3.5% annual rental escalation, providing steady growth for the REIT's income stream. With an estimated total project cost of $122 million, the development is expected to deliver a robust cash yield of approximately 8.0%. This milestone significantly de-risks the major development project by securing a long-term tenant well ahead of completion. Analysts view this move as a positive operational achievement that strengthens LXP's industrial portfolio in a key logistics hub.