Monmouth Real Estate Investment Corp. has acquired a brand new 362,942-square-foot industrial building located at 6735 Trippel Rd., Theodore, AL. The purchase price was $33.68 million.
According to a prepared statement, the property is net-leased for 11 years to Amazon Fulfillment Service Inc., a Delaware corporation. The building is situated on approximately 31.27 acres.
Michael P. Landy, President and CEO, says in a prepared statement that, “We have long positioned Monmouth as a company with strong linkages to the digital economy. This acquisition marks our second property leased to Amazon.”
He adds that “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.”
Monmouth Real Estate Investment Corp. was founded in 1968 and is one of the oldest public equity REITs in the US. The company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.