Monmouth Snags $34M AL Industrial Facility
- Jul 03, 2018
Monmouth Real Estate Investment Corp. has acquired a new industrial building in Theodore, Ala., for $33.7 million.
Located at 6735 Trippel Road, the 31.3-acre property comprises 362,942 square feet and is net-leased for 11 years to Amazon Fulfillment Service Inc.
“We have long positioned Monmouth as a company with strong linkages to the digital economy,” said Michael Landy, president & CEO of Monmouth Real Estate Investment Corp., in a prepared statement. “This acquisition marks our second property leased to Amazon. The Port of Mobile has been experiencing substantial demand as the result of the recently completed Panama Canal expansion. With two interstate highway systems and five Class-1 railroads serving the port, this region is very well situated to generate meaningful long-term growth.”
In April, the company purchased a $30.8 million industrial building in Daytona Beach, Fla. The property comprises 399,440 square feet situated on 27.5 acres. The facility is net-leased for 10 years to B. Braun Medical Inc., a privately held medical device company that manufactures, markets and sells various health-care products.
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