Monmouth Real Estate Investment Corporation Announces New Acquisition
FREEHOLD, N.J., Oct. 25, 2013
FREEHOLD, N.J., Oct. 25, 2013 /PRNewswire/ --Monmouth Real Estate Investment
Corporation (NYSE: MNR) today announced the acquisition of a 558,600 square
foot industrial building located at 4555 West Highway 146, Oldham County,
Buckner, Kentucky at a purchase price of $27,070,616. The property, developed
by and purchased from Atlanta-based Industrial Developments International
(IDI), is net-leased for 20 years to Ralcorp Holdings, Inc., a division of
ConAgra Foods, Inc., 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 CEO, commented, "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
caliber 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 twenty-seven states, with this acquisition
representing our first property in the State of Kentucky. Kentucky is home to
thousands of domestic companies as it is strategically very well located from
a distribution perspective. Trucks can reach about two-thirds of the US
population within a day, it ranks third amongst US states in air cargo volume,
and it is a premium location for rail service. It also ranks second in the
nation in job growth. With this acquisition, our high quality portfolio of
industrial assets has eclipsed the 10 million rentable square foot threshold
and is now at approximately 10.2 million rentable square feet and growing."
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-seven industrial properties and one
shopping center located in twenty-seven states, containing a total of
approximately 10.2 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
Press spacebar to pause and continue. Press esc to stop.