Monmouth acquires industrial building in Kansas
Monmouth Real Estate Investment Corporation has acquired a 280,000 square foot industrial building located at 2552 South 98th Street, Edwardsville, Kansas at a purchase price of USD18,818,825.
The property is net-leased for 10 years to International Paper Company, a New York corporation. The building is situated on approximately 24 acres.
Michael P Landy, president and chief executive, says: "We are very pleased to announce the acquisition of this new Class A distribution centre. International Paper is a global leader in the paper and packaging industry. They are a founding member of the S&P 500 and represent an excellent new addition to our investment grade tenant roster. Located in the Kansas City MSA, the property benefits from having close proximity to four major interstate highways and numerous rail providers. This transaction represents our third acquisition in the past two weeks with additional closings expected shortly."