MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE GREENSBORO, NC MSA
Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 286,281 square foot industrial building in Whitsett, NC for $47.6 million.
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Rhea-AI Summary
Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 286,281 square foot industrial building in Whitsett, NC for $47.6 million. This property, leased to FedEx Ground Packaging System for 15 years, is situated on approximately 39.3 acres. This acquisition marks MNR's third for the fiscal year 2020, highlighting its strategy of investing in essential services during challenging times. With a portfolio of 117 properties across 30 states, MNR continues to focus on single-tenant, net-leased industrial spaces.
Positive
- Acquired a strategically located industrial property for $47.6 million.
- Long-term lease with FedEx Ground for 15 years ensures stable revenue.
- Third acquisition in fiscal 2020 emphasizes growth strategy amid market challenges.
Negative
- None.
Details
News Market Reaction – MNR
The recorded move for MNR in the trading session of this news was +0.16%.
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Holmdel, New Jersey, May 21, 2020 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 286,281 square foot industrial building located at 6538 Judge Adams Road, Whitsett, NC at a purchase price of
Michael P. Landy, President and CEO, commented, “This marks our third high-quality acquisition thus far in fiscal 2020. In this period of unprecedented turbulence, the services of FedEx are essential in keeping supply chains moving and in delivering critically needed goods throughout the world. We are proud to be a major space provider for this remarkable company.”
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 117 properties, containing a total of approximately 23.3 million rentable square feet, geographically diversified across 30 states.
Becky Coleridge
732-577-9996
EMAIL: mreic@mreic.com
www.mreic.reit
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