MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE KNOXVILLE, TN MSA
Rhea-AI Summary
Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 259,053 square foot industrial building in Kodak, TN for $34.4 million. This property is net-leased to FedEx Ground Packaging System, Inc. for 15 years and occupies 42.6 acres, allowing significant future expansion. Monmouth, established in 1968, focuses on single-tenant, net-leased properties primarily with investment-grade tenants, boasting a high occupancy rate of 99.7% across its portfolio of 122 properties totaling 24.9 million rentable square feet.
Positive
- Acquisition of a substantial 259,053 square foot industrial property for $34.4 million.
- Long-term lease with FedEx Ground Packaging System, ensuring stable revenue.
- Property allows for significant future expansion due to its land-to-building ratio.
Negative
- None.
News Market Reaction – MNR
In the trading session that priced this news, MNR declined 0.84%, 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, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 259,053 square foot industrial building located at 3774 Snyder Road, Kodak, TN at a purchase price of
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 122 properties, containing a total of approximately 24.9 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is
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Contact: Becky Coleridge
732-577-9996
