Holmdel, New Jersey, Dec. 17, 2020 (GLOBE NEWSWIRE) — Monmouth Actual Property Funding Company (NYSE:MNR) right this moment introduced the acquisition of a brand new 487,900 sq. foot industrial constructing situated at 8341 Industrial Parkway, Plain Metropolis, OH at a purchase order price of $73.three million. The property is net-leased for 15 years to FedEx Floor Packaging System, Inc., a Delaware company. The constructing is located on roughly 100 acres.
Michael P. Landy, President and CEO, commented, “We’re very happy to announce this high-quality acquisition. This huge 100-acre website has ample enlargement capability and is located close to Interstate 270. Monmouth’s portfolio is intently tied to the rampant development in ecommerce. For a few years, our tenants have been experiencing sturdy demand for his or her companies and this development has drastically accelerated because of the Covid-19 Pandemic.”
“In addition, we recently leased one of our two vacant buildings to an investment-grade tenant for 10.3 years. This successful leasing increases our occupancy rate from 99.4% to 99.6%. We are now in our sixth consecutive year with over 98.9% occupancy We look forward to announcing continued qualitative growth throughout fiscal 2021.”
Monmouth Actual Property Funding Company, based in 1968, is among the oldest public fairness REITs on the planet. We focus on single tenant, net-leased industrial properties, topic to long-term leases, primarily to investment-grade tenants. Monmouth Actual Property is a completely built-in and self-managed actual property firm, whose property portfolio consists of 120 properties, containing a complete of roughly 23.9 million rentable sq. toes, geographically diversified throughout 31 states. Our occupancy price as of this date is 99.6%.
Contact: Becky Coleridge