Announces New Acquisition
FREEHOLD, N.J., Dec. 6 /PRNewswire-FirstCall/ -- On December 6, 2004,
Monmouth Real Estate Investment Corporation (Nasdaq: MNRTA) announced the
acquisition of a 306,000-square-foot industrial building at 7410 Magi Drive,
Hanahan, Berkeley County, South Carolina, for a purchase price of
approximately $13,800,000. This property is net-leased to Norton McNaughton
of Squire, Inc., for thirteen years, with a lease that is guaranteed by Jones
Apparel Group, Inc., (NYSE: JNY). The building was purchased from North Point
Park, LLC., a South Carolina limited liability company. Stan Johnson Company
acted as broker for the seller.
Eugene W. Landy, President, expressed his continued pleasure with the
Company's progress in increasing its portfolio of high-quality industrial
properties net-leased to investment grade tenants. "Our goal for 2005 is to
acquire $30,000,000 in new properties for the REIT. We are well on our way to
meeting this goal."
Monmouth Real Estate Investment Corporation, which was organized in 1968,
is a publicly-owned real estate investment trust specializing in net-leased
industrial properties. The Company's equity portfolio consists of thirty-five
industrial properties and one shopping center located in New Jersey, New York,
Connecticut, Maryland, Michigan, Mississippi, Missouri, Massachusetts, Iowa,
Illinois, Nebraska, North Carolina, Kansas, Pennsylvania, Florida, Virginia,
Ohio, Wisconsin, Arizona, Colorado and South Carolina. In addition, the
Company owns a portfolio of REIT securities.
SOURCE Monmouth Real Estate Investment Corporation
/CONTACT: Rosemarie Faccone or Susan Jordan, +1-732-577-9996, both of
Monmouth Real Estate Investment Corporation/
CO: Monmouth Real Estate Investment Corporation; Norton McNaughton of Squire,
Inc.; Jones Apparel Group, Inc.; North Point Park, LLC.
ST: New Jersey, South Carolina
IN: RLT FIN
-0- Dec/06/2004 21:39 GMT
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