MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE COLUMBUS, OH MSA
Rhea-AI Summary
Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 487,900 square foot industrial property in Plain City, OH, for $73.3 million. The property, net-leased to FedEx Ground for 15 years, is located on approximately 100 acres and is strategically positioned near Interstate 270. This acquisition aligns with the company's focus on the growing e-commerce sector, which has seen accelerated demand due to the Covid-19 pandemic. Additionally, MNR's occupancy rate increased from 99.4% to 99.6% after leasing a vacant building to an investment-grade tenant.
Positive
- Acquisition of a 487,900 square foot industrial property for $73.3 million.
- Property net-leased to FedEx Ground for 15 years, ensuring steady cash flow.
- Increasing occupancy rate from 99.4% to 99.6% following a successful lease agreement.
- Continued strong demand for e-commerce-related properties due to the Covid-19 pandemic.
Negative
- None.
News Market Reaction – MNR
In the trading session that priced this news, MNR declined 0.53%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Holmdel, New Jersey, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 487,900 square foot industrial building located at 8341 Industrial Parkway, Plain City, OH at a purchase price of
Michael P. Landy, President and CEO, commented, “We are very pleased to announce this high-quality acquisition. This large 100-acre site has ample expansion capacity and is situated near Interstate 270. Monmouth’s portfolio is closely tied to the rampant growth in ecommerce. For many years, our tenants have been experiencing strong demand for their services and this trend has greatly accelerated due to 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
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 120 properties, containing a total of approximately 23.9 million rentable square feet, geographically diversified across 31 states. Our occupancy rate as of this date is
Contact: Becky Coleridge
732-577-9996
EMAIL: mreic@mreic.com
www.mreic.reit