Monmouth Real Estate acquires industrial building in Texas
Monmouth Real Estate Investment Corporation has acquired a 102,594 square foot industrial building located at 685 Alliance Parkway, McClennan County, Waco, Texas, at a purchase price of USD8,733,000.
The property is net-leased for 10 years to FedEx Ground Package System, a Delaware corporation.
The building is situated on approximately 17 acres and has expansion capabilities. This is a brand new construction by Jones Development Company.
Michael P. Landy, chief operating officer at Monmouth, says: "We are very pleased to add this new FedEx Ground facility to our growing portfolio. This marks our seventh acquisition this year. All of these acquisitions have been brand new built-to-suit constructions. We have now added a total of one million square feet to our high calibre asset base since September 30th. This increases our portfolio to seventy-two properties, containing 8.5 million square feet of gross leasable area, strategically situated across 26 different states."
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