Monmouth Grabs $38M Miami-Area FedEx Distribution Center
- Jul 05, 2017
Monmouth Real Estate Investment Corp. acquired a newly constructed 237,756-square-foot industrial building in Homestead, Fla. SunCap Property Group sold the facility in a $38.3 million deal, while an insurance company provided $24.8 million in acquisition financing, public records show.
Located at 27200 SW 127th Ave. on an approximately 50.4-acre site, the Class A distribution center is net-leased for 15 years to FedEx Ground Packaging System Inc. The property features loading docks, drive-in doors, interior van loading positions and more than 8,000 square feet of office space. According to public records, State Farm Insurance Co. originated the acquisition financing that facilitated the transaction. The mortgage is set to mature in July 2032.
Expanded Sunshine State footprint
Meridian Design Build broke ground on the facility in September 2015, with Ware Malcomb providing architectural services and Langan completing the civil design work. With this acquisition, Monmouth now owns 13 properties in Florida, totaling 1.9 million square feet of strategically placed assets throughout the state.
“The Florida economy consistently ranks as one of the fastest growing state economies in our nation. The many Florida ports, including the Port of Miami, are poised to become the most substantial beneficiaries of the recently expanded Panama Canal,” said Michael Landy, president & CEO of Monmouth, in prepared remarks.
Image courtesy of SunCap Property Group