Monmouth Snags FedEx-Leased Warehouse
- Jan 04, 2017
Fort Myers, Fla.—Monmouth Real Estate Investment Corp. has expanded its industrial portfolio with a new acquisition in Florida.
“We continue to grow our portfolio one high-quality asset at a time and with this acquisition we now own one hundred properties strategically situated across 30 states. Our modern industrial property portfolio is currently 100 percent occupied because our buildings are integral to our tenants’ operations,” said Michael Landy, Manmouth president & CEO, in prepared remarks.
The Freehold, N.J.-based REIT paid a little over $21 million for a 213,672-square-foot built-to-suit facility at 14001 Jetport Loop in Fort Myers. Completed in late 2016 to replace two older FedEx distribution centers in the area, the industrial structure is situated on 22.5 acres of land across from the Southwest Florida International Airport and contains enough acreage for future expansion.
The facility is net-leased to FedEx Ground Packaging Systems for 10 years, according to Monmouth.
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