Monmouth Real Estate Investment Corporation has acquired a 558,600 square foot industrial building located at 4555 West Highway 146, Oldham County, Buckner, Kentucky at a purchase price of USD27,070,616.
The property, developed by and purchased from Atlanta-based Industrial Developments International (IDI), is net-leased for 20 years to Ralcorp Holdings, a division of ConAgra Foods, a Delaware corporation. The building is situated on approximately 57 acres in the Louisville MSA and is expandable by approximately 200,000 additional square feet.
Michael P Landy, president and chief executive, says: "Ralcorp/ConAgra is one of North America's largest packaged food companies. This new Class A built-to-suit distribution center is adjacent to one of Ralcorp's manufacturing facilities and is leased for 20 years. Monmouth has a very high calibre tenant base and the addition of Ralcorp/ConAgra to our growing list of investment grade tenants enhances this strength. Additionally, our portfolio is now diversified across 27 states, with this acquisition representing our first property in the State of Kentucky."