Monmouth Real Estate Investment Acquires 280,000 SF Industrial Building
- Nov 06, 2013
Monmouth Real Estate Investment Corp. recently announced the acquisition of an industrial building in Edwardsville, Kansas.
Located at 2552 South 98th Street on approximately 24 acres, the 280,000-square-foot industrial building was acquired for a purchase price of $18,818,825. The property is net-leased for 10 years to International Paper Co., a New York-based corporation.
President and CEO of Monmouth Real Estate Investment Michael P. Landy said in a statement: “We are very pleased to announce the acquisition of this new Class A distribution center. International Paper is a global leader in the paper and packaging industry. They are a founding member of the S&P 500 and represent an excellent new addition to our investment grade tenant roster. Located in the Kansas City MSA, the property benefits from having close proximity to four major interstate highways and numerous rail providers. This transaction represents our third acquisition in the past two weeks with additional closings expected shortly.”
This is the second acquisition in recent weeks for Monmouth Real Estate Investment after the acquisition of a 46,260-square-foot industrial building in Tulsa, as previously reported by Commercial Property Executive here.
The newly acquired industrial property is not the first for Monmouth in Edwardsville, Kansas. The REIT also owns a 179,280-square-foot facility which was purchased on April 1, 2003 and is 100 percent net-leased to Carlisle Tire & Wheel Co.
The publicly-owned real estate investment trust, organized in 1968, currently has a property portfolio that features 77 industrial properties and one shopping center located in 27 states and totaling approximately 10.2 million square feet of gross leaeable area.
Monmouth Real Estate Investment Corp. logo: www.mreic.com