for Fayetteville, NC, Property
FREEHOLD, N.J., Aug. 23 /PRNewswire-FirstCall/ -- Monmouth Real Estate
Investment Corporation (Nasdaq: MNRTA) is pleased to announce the leasing of
its 148,000 square foot warehouse in Fayetteville, North Carolina, to
Maidenform, Inc., a Delaware corporation.
Maidenform, Inc., has entered into a 5.4-year net-lease which expires on
December 31, 2012. The average annual rent over the term of the lease
agreement is $396,000 ($2.68 psf). The lease also includes a five-year
renewal option, with annual rent during the renewal period to be based on fair
market value as of June, 2012.
Cronheim Management Services, Inc., led the effort to lease the building
and enlisted the services of The Lewis Group / CORFAC International, out of
Raleigh, North Carolina, which was successful in closing on the lease
agreement with Maidenform.
Upon learning of the execution of the lease agreement, Eugene W. Landy,
President, stated, "We welcome Maidenform to our ever-increasing list of high-quality industrial tenants. The leasing of this outstanding property brings
the total leased square footage in the Monmouth portfolio to approximately
5,800,000 square feet, and our overall occupancy rate to 99.5%, with only one
property in Jackson, Mississippi, with a total of 26,340 square feet,
remaining vacant." The Jackson property is currently available for sale or
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 fifty-six
industrial properties and one shopping center located in twenty-six states.
In addition, the Company owns a portfolio of REIT securities.
SOURCE Monmouth Real Estate Investment Corporation
Rosemarie Faccone or Susan Jordan, both of Monmouth Real Estate Investment
-0- Aug/23/2007 15:43 GMT
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