Monmouth Nabs FedEx Ground Terminal in Michigan
- Apr 07, 2017
Monmouth Real Estate Investment Corp. recently announced that it has acquired a 343,483 square-foot FedEx shipping terminal in Walker, Mi., for $32.12 million. The property was completed last year by a.j. Veneklaasen Inc., and is fully leased to FedEx Ground Packaging Systems Inc. for 15 years.
Located at 3466 Shippers Drive, the 8-acre building has 104 loading docks, a vehicle maintenance facility, a 500-space employee parking lot, as well as 300 trailer storage spaces. Moore & Bruggink provides civil engineering services for the property. “Since the turn of the century, every year has resulted in a new record amount of eCommerce deliveries. Each of our FedEx locations has become a highly-coveted foothold for large businesses,” President & CEO Michael Landy said in prepared statements.
Monmouth, one of the oldest public equity REITs in the country, also acquired another FedEx-leased warehouse at the beginning of the year. The company currently has a portfolio of more than 100 properties, totaling approximately 17 million square feet.
Image courtesy of Moore & Bruggink