Monmouth Real Estate Investment Corporation Announces New Acquisition
FREEHOLD, N.J., Oct. 22, 2013
FREEHOLD, N.J., Oct. 22, 2013 /PRNewswire/ -- Monmouth Real Estate Investment
Corporation (NYSE: MNR) today announced the acquisition of a 46,260 square
foot industrial building located at 2800 North Garnett Road, Tulsa, Oklahoma
at a purchase price of $3,700,000. 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, Inc. The building
is situated on approximately 7.3 acres.
Michael P. Landy, President and CEO, commented, "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 center is located at the Tulsa International
Airport and has expansion capabilities."
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-six industrial properties and one
shopping center located in twenty-six states, containing a total of
approximately 9.6 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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