Monmouth makes two new acquisitions
Monmouth Real Estate Investment Corporation has acquired a 99,102 square foot industrial building located at 3383 Spirit Way in Green Bay, Wisconsin at a purchase price of USD6,570,000.
The building is situated on approximately 12.2 acres.
The company has also acquired a 60,398 square foot industrial building located at Schumann Drive NW, in Rochester, Minnesota at a purchase price of USD5,265,000. The building is situated on approximately 7.5 acres.
Both properties are net-leased for 10 years to FedEx Ground Package System, a Delaware corporation.
Michael P Landy, president and chief executive, says: "We are very pleased to announce the acquisition of these two new distribution centres for FedEx Ground. The Green Bay property is located in close proximity to the Green Bay International Airport and enjoys immediate access to the Interstate highway system. The property located in the Rochester market is in close proximity to the world renowned Mayo Clinic. It is imperative that deliveries to and from the Clinic are successfully made within a short timeframe. Our new FedEx building here will help to facilitate this."
Monmouth Real Estate Investment Corporation, founded in 1968 and one of the oldest public equity REITs in the US, specialises in net-leased industrial properties subject to long-term leases primarily to investment grade tenants.