LMI Aerospace, Inc. a provider of assemblies, kits and detail sheet metal and machined components to the aerospace, defense and technology industries, announced today it has reached an agreement to sell its Tulsa real estate holdings and lease them back from a subsidiary of CIT Group, Inc.
Also included in the sale are LMI’s properties in St. Charles and Wichita. The total sale price for the holdings amount to $10.3 million.
LMI has signed 18-year leases for the four facilities with annual rents ranging from $900,000 to $1.3 million. LMI closed on the sale and leaseback of one property in St. Charles on December 28, 2006, for sale price of $4.3 million and expects to close on the three remaining facilities in January 2007.