Monmouth Buys FedEx-Leased Facility for $48M
- May 22, 2020
Monmouth Real Estate Investment Corp. has acquired a 286,281-square-foot industrial building in Whitsett, N.C., for $47.6 million. According to Guilford County public records, SunCap Property Group developed the property in 2019 and financed the development with a $29.5 million loan from Union Bank and Trust.
Located at 6538 Judge Adams Road, the single-story building is less than 2 miles from Interstates 85 and 40, adjacent to a Lenovo fulfillment center and close to an American Express data center. Additionally, the asset is some 13 miles east of Greensboro and 27 miles from Piedmont Triad International Airport. Spread across a 39.3-acre site, the property is leased for 15 years to FedEx Ground Packaging System.
According to Michael Landy, president & CEO of Monmouth Real Estate Investment Corp., the sale marks the third transaction for the company this fiscal year. Last month, in a similar deal, the company spent $17.9 million for a 153,000-square-foot, newly constructed industrial facility in Lancaster, Ohio.