Monmouth Real Estate Investment Corporation Announces Two New Acquisitions
FREEHOLD, N.J., Sept. 12, 2013
FREEHOLD, N.J., Sept. 12, 2013 /PRNewswire/ --Monmouth Real Estate Investment
Corporation (NYSE:MNR) today announced the acquisition of a 99,102 square foot
industrial building located at 3383 Spirit Way, in Green Bay, WI at a
purchase price of $6,570,000. The building is situated on approximately 12.2
acres. The Company also announced the acquisition of a 60,398 square foot
industrial building located at Schumann Drive NW, in Rochester, MN at a
purchase price of $5,265,000. The building is situated on approximately 7.5
acres. Both properties are net-leased for 10 years to FedEx Ground Package
System, Inc., a Delaware corporation.
Michael P. Landy, President and CEO, commented, "We are very pleased to
announce the acquisition of these two new distribution centers for FedEx
Ground. The Green Bay property is located in close proximity to the Green Bay
International Airport and enjoys immediate access to the Interstate highway
system. The property located in the Rochester market is in close proximity to
the world renowned Mayo Clinic. It is imperative that deliveries to and from
the Clinic are successfully made within a short timeframe. Our new FedEx
building here will help to facilitate this."
Monmouth Real Estate Investment Corporation, founded in 1968 and one of the
oldest public equity REITs in the U.S., specializes 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 seventy-five industrial properties and one
shopping center located in twenty-six states, containing a total of
approximately 9.5 million rentable square feet. In addition, the Company owns
a portfolio of REIT securities.
SOURCE Monmouth Real Estate Investment Corporation
Contact: Susan Jordan, 732-577-9996
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