MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE COLUMBUS, OH MSA
December 17 2020 - 6:35PM
Monmouth Real Estate Investment Corporation (NYSE:MNR) today
announced the acquisition of a new 487,900 square foot industrial
building located at 8341 Industrial Parkway, Plain City, OH at a
purchase price of $73.3 million. The property is net-leased for 15
years to FedEx Ground Packaging System, Inc., a Delaware
corporation. The building is situated on approximately 100 acres.
Michael P. Landy, President and CEO, commented,
“We are very pleased to announce this high-quality acquisition.
This large 100-acre site has ample expansion capacity and is
situated near Interstate 270. Monmouth’s portfolio is closely tied
to the rampant growth in ecommerce. For many years, our tenants
have been experiencing strong demand for their services and this
trend has greatly accelerated due to the Covid-19 Pandemic.”
“In addition, we recently leased one of our two
vacant buildings to an investment-grade tenant for 10.3 years. This
successful leasing increases our occupancy rate from 99.4% to
99.6%. We are now in our sixth consecutive year with over 98.9%
occupancy We look forward to announcing continued qualitative
growth throughout fiscal 2021.”
Monmouth Real Estate Investment Corporation,
founded in 1968, is one of the oldest public equity REITs in the
world. We specialize in single tenant, net-leased industrial
properties, subject to long-term leases, primarily to
investment-grade tenants. Monmouth Real Estate is a fully
integrated and self-managed real estate company, whose property
portfolio consists of 120 properties, containing a total of
approximately 23.9 million rentable square feet, geographically
diversified across 31 states. Our occupancy rate as of this date is
99.6%.
Contact: Becky
Coleridge732-577-9996EMAIL:
mreic@mreic.comwww.mreic.reit
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