Charlotte Industrial Property Sells for $31.9M
- Nov 17, 2015
By Adelina Osan, Associate Editor
Monmouth Real Estate Investment Corp. (MREIC) recently acquired a sizable industrial building in Concord, N.C. at a purchase price of $31.9 million.
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