Monmouth Real Estate Investment Corporation has acquired a 46,260 square foot industrial building located at 2800 North Garnett Road, Tulsa, Oklahoma at a purchase price of USD3,700,000.
The property is net-leased for 15 years with 10.5 years remaining to The American Bottling Company. The lease is guaranteed by the parent company, Dr Pepper Snapple Group.
The building is situated on approximately 7.3 acres.
Michael P Landy, president and chief executive, says: "We are very pleased to welcome Dr Pepper Snapple Group to our roster of high quality tenants. Dr Pepper Snapple Group is a leading manufacturer and distributor of non-alcoholic beverages in the US, Mexico, and Canada. In addition to Dr Pepper and Snapple, their brands include Mott's, Canada Dry, A&W, Schweppes, Sunkist, RC Cola, Hawaiian Punch, Seven Up, Yoo-Hoo, and others. This Class A, built-to-suit distribution centre is located at the Tulsa International Airport and has expansion capabilities."
Monmouth Real Estate Investment Corporation specialises in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The company is a fully integrated and self-managed real estate company, whose property portfolio consists of 76 industrial properties and one shopping centre located in 26 states, containing a total of approximately 9.6 million rentable square feet. In addition, the company owns a portfolio of REIT securities.