FREEHOLD, N.J., March 15, 2012 /PRNewswire/ -- Monmouth Real
Estate Investment Corporation (NYSE: MNR) today announced the
acquisition of a 234,660 square foot industrial building located at
8644 Polk Lane, Olive Branch,
DeSota County, Mississippi, at a
purchase price of $16.2
million. The property is net-leased for 10 years to
Anda Pharmaceuticals, Inc., a distribution division of Watson
Pharmaceuticals, Inc.
The building is situated on approximately 12.3 acres. This is a
brand new construction by Industrial Developments International
(IDI).
Michael P. Landy, COO, commented,
"Anda is the fourth largest U.S. distributor of generic
pharmaceuticals. This brand new, Class A industrial building
is well located at a new industrial park and is part of the
Memphis market. Anda moved to this
new built-to-suit facility to be near one of Monmouth's FedEx buildings that specializes in
critical supply chain services. This makes this acquisition an
excellent and natural fit for our portfolio. We look forward to
building a strong, long-term relationship with Anda and Watson.
"This LEED qualified building, constructed by IDI, also
represents a new and exciting relationship for Monmouth. IDI is a well-established real
estate developer focused exclusively on superior quality industrial
property. We anticipate that this will be the first of many
acquisitions with IDI."
Monmouth Real Estate Investment Corporation, which was organized
in 1968, is a publicly owned real estate investment trust
specializing in net-leased industrial properties subject to
long-term leases primarily to investment grade tenants. The
Company's portfolio now consists of sixty-nine industrial
properties and one shopping center located in twenty-five
states. In addition, the Company owns a portfolio of REIT
securities.
SOURCE Monmouth Real Estate Investment Corporation