Monmouth Snags Industrial Building in New Orleans
- Dec 04, 2015
By Adelina Osan, Associate Editor
Monmouth Real Estate Investment Corp. recently acquired a 175,315-square-foot industrial building in Covington, LA, for $18.4 million.
Located at 450 Northpointe Court, the asset sits on approximately 19.2 acres and is net-leased for 10 years to FedEx Ground Packaging System Inc., a Delaware corporation.
“We are very pleased to add this brand new Class A built-to-suit FedEx Ground distribution center to our portfolio. This property is located in the New Orleans MSA and is situated off of Interstate 12. The Port of New Orleans is the 5th largest port in the U.S. It is anticipated that the expanded Panama Canal, due for completion in 2016, is going to greatly benefit the Gulf of Mexico ports. Louisiana marks a new territory for Monmouth. Our 14.4 million square foot portfolio is now geographically diversified across twenty-nine states,” said Michael Landy, president & CEO of Monmouth Real Estate Investment Corp., in prepared remarks.
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