Monmouth acquires industrial building in Mississippi
Monmouth Real Estate Investment has acquired a 615,305 square foot industrial building located at 12385 Crossroads Drive, Olive Branch, DeSota County, Mississippi, at a purchase price of USD28,000,000.
The property is net-leased for 10 years to Milwaukee Electric Tool Corporation and is guaranteed by its parent company, Techtronic Industries.
The building is situated on approximately 39 acres.
Monmouth financed this acquisition with USD17.5m in mortgage debt with an interest rate of 3.76 per cent.
This building is designed for LEED certification and is expandable by an additional 215,000 square feet.
Michael P Landy, chief operating officer, says: "We are very pleased to announce the acquisition of this brand new, Class A distribution centre built for the Milwaukee Electric Tool Corporation by Industrial Developments International (IDI). Milwaukee Tool, a manufacturer of high quality, heavy-duty electric power tools and accessories, represents an excellent new relationship for Monmouth. The company was founded in 1924 and has been in Olive Branch for over 20 years.
"Olive Branch is situated near Memphis which represents one of the most strategic logistics hubs in the country containing FedEx's World Hub, five Class I railroads, seven interstate and US highways, and the nation's fourth-largest inland port. This new acquisition further enhances Monmouth's already strong presence in this important market."
Monmouth Real Estate Investment, which was organised in 1968, is a publicly owned real estate investment trust specialising in net-leased industrial properties subject to long-term leases primarily to investment grade tenants.