MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE COLUMBUS, OH MSA NYSE:MNR
Holmdel, New Jersey, December 17, 2020 (GLOBE NEWSWIRE) – Monmouth Real Estate Investment Corporation (NYSE: MNR) today announced the acquisition of a new 487,900 square foot industrial building at 8341 Industrial Parkway in Plain City, OH for a purchase price of 73, $ 3 million. The property is leased to FedEx Ground Packaging System, Inc., a Delaware company, for a net period of 15 years. The building is on approximately 100 hectares.
Michael P. Landy, President and CEO, commented, “We are very excited to announce this high quality acquisition. This 100 acre site has extensive expansion capacity and is located near Interstate 270. Monmouth’s portfolio is closely tied to the rapid growth of e-commerce. Our tenants have had strong demand for their services for many years and this trend has accelerated greatly due to the Covid-19 pandemic. “
“In addition, we recently leased one of our two vacant buildings to a tenant with an investment grade rating for 10.3 years. This successful leasing increases our occupancy rate from 99.4% to 99.6%. This is our sixth year in a row with an occupancy rate of over 98.9%. We look forward to announcing further qualitative growth in the further financial year 2021. “
Founded in 1968, Monmouth Real Estate Investment Corporation is one of the oldest public equity REITs in the world. We specialize in single tenants, net rented industrial properties that are rented out on a long-term basis, mainly to tenants with an investment grade rating. Monmouth Real Estate is a fully integrated and self-managed real estate company whose real estate portfolio consists of 120 properties totaling approximately 23.9 million square feet of rentable space and geographically diversified across 31 states. Our occupancy at the moment is 99.6%.
Contact: Becky Coleridge
EMAIL: [email protected]