NEW ACQUISITION IN THE ATLANTA, GA MSA
A new 657,518 square foot industrial developing found at 3150 Highway 42 in Locust Grove, GA.
Holmdel, New Jersey., Dec. 24, 2020 (Globe NEWSWIRE) — Monmouth Actual Estate Investment decision Company (NYSE:MNR) these days announced the acquisition of a new 657,518 square foot industrial creating situated at 3150 Freeway 42 in Locust Grove, GA. at a invest in selling price of $96.7 million. The property is web-leased for 20 several years to Property Depot U.S.A., Inc. The developing is situated on around 130 acres and has a land-to-setting up ratio of approximately nine occasions, giving sufficient prospect for potential development to drive accretive development.
Michael P. Landy, President and CEO, commented, “We are quite happy to announce this large-high-quality acquisition. A popular misconception is that all industrial genuine estate supplies a linkage to the digital financial state, but in actuality, a new type of industrial true estate has been designed precisely to serve the computer-pushed source chain. These smart, hugely-automated services are uniquely equipped to take care of omni-channel distribution.”
Landy extra, “With the addition of this model new facility in close proximity to Atlanta, Monmouth’s weighted regular building age is now 9.5 a long time, symbolizing the youngest and most point out-of-the-artwork portfolio in the Industrial REIT sector. Via the acquisition of 1 higher-high quality asset at a time, we have more than doubled our portfolio dimensions in excess of the previous five decades. This transaction marks our second higher-high quality acquisition all through the initially quarter. Fiscal 2021 is off to a extremely robust get started for Monmouth, and we are self-confident we are getting the right techniques to lengthen our company’s prolonged observe history of worthwhile growth and worth development.”
Monmouth Genuine Estate Financial investment Corporation, established in 1968, is a person of the oldest community fairness REITs in the environment. We specialize in solitary tenant, net-leased industrial qualities, topic to extensive-phrase leases, generally to financial commitment-grade tenants. Monmouth Genuine Estate is a entirely integrated and self-managed genuine estate enterprise, whose home portfolio is made up of 121 properties, that contains a whole of roughly 24.5 million rentable sq. ft, geographically diversified throughout 31 states. Our occupancy charge as of this date is 99.7%.
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- NEW ACQUISITION IN THE ATLANTA, GA MSA