MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE BIRMINGHAM, AL MSA

Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 290,879 square foot industrial property at 3200 Rodeo Ct., Bessemer, AL, for $30.2 million.

Rhea-AI Summary

Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 290,879 square foot industrial property at 3200 Rodeo Ct., Bessemer, AL, for $30.2 million. The building is leased to FedEx Ground Packaging System, Inc. for 15 years. Situated on approximately 46 acres, this site offers significant future expansion potential with a land-to-building ratio of seven times. Monmouth operates a portfolio of 123 properties, totaling about 25.2 million rentable square feet, with a remarkable 99.7% occupancy rate.

Positive

• Acquisition expands portfolio with a net-lease to FedEx for 15 years.
• Strategic location supports future expansion with substantial land availability.
• 99.7% occupancy rate enhances overall portfolio performance.

Negative

• None.

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Holmdel, New Jersey, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 290,879 square foot industrial building located at 3200 Rodeo Ct., Bessemer, AL at a purchase price of $30.2 million. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 46 acres representing a land to building ratio of seven times providing for substantial future expansion capacity. Monmouth currently has nine properties undergoing parking expansions with several more planned in order to accommodate the strong demand for last-mile delivery.

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 123 properties, containing a total of approximately 25.2 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is 99.7%.

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Contact: Becky Coleridge
732-577-9996

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of Monmouth Real Estate's recent acquisition?

The acquisition strengthens Monmouth's portfolio by adding a property leased to FedEx, ensuring consistent rental income for 15 years.

How much did Monmouth Real Estate pay for the new industrial property?

Monmouth Real Estate paid $30.2 million for the new industrial building in Bessemer, AL.

What future potential does the new acquisition provide?

The property offers significant future expansion capacity due to its land-to-building ratio, supporting Monmouth's growth strategy.

What is Monmouth Real Estate's current occupancy rate?

As of now, Monmouth Real Estate boasts a 99.7% occupancy rate across its portfolio.