Charlotte Industrial Property Sells for $31.9M

Monmouth Real Estate Investment Corp. acquires 330,717-square-foot industrial building in Concord, N.C.

Monmouth Real Estate Investment Corp. (MREIC) recently acquired a sizable industrial building in Concord, N.C. at a purchase price of $31.9 million.

4690 Global Ave. NW, Concord

4690 Global Ave. NW, Concord, N.C.

Located at 4690 Global Ave. NW, the property reaches a total of 330,717 square feet and is situated on 59.4 acres. The industrial building is leased for 10 years to FedEx Ground Package System Inc., a Delaware corporation.

“We are very pleased to add this brand new Class A built-to-suit FedEx distribution center to our portfolio. This large 59.4-acre property is ideally situated right off of Interstate 85. The Charlotte MSA is a prime center for logistics and distribution facilities as well as the second largest banking center in the U.S. FedEx continues to experience substantial growth as a result of the on-going migration to e-commerce,” said  MREIC President & CEO Michael Landy.

MREIC is one of the oldest public equity REITs in the U.S. and currently has a portfolio of 92 properties located in 29 states, containing a total of approximately 14.2 million rentable square feet. Its tenants include Anheuser-Busch, Best Buy, Caterpillar Logistics Systems, Coca-Cola, FedEx, and Kellogg’s.

Image courtesy of Google Earth