Freehold, NJ-based Monmouth Real Estate Investment Corp. has acquired a brand new 265,318 square foot industrial building. The building is located at 6850 Weber Boulevard, N. Charleston, SC.
The purchase price was approximately $47.17 million. The property is net-leased for 15 years to FedEx Ground Packaging System Inc., a Delaware corporation. The building is situated on approximately 50 acres.
Michael P. Landy, President and CEO, said that “We are very pleased to announce this new acquisition. This property is ideally located near the Charleston International Airport and has ample acreage to accommodate future expansion.”
Landy adds that the Port of Charleston is one of our nation’s fastest growing ports and has the deepest channel in the southeast region. “Boeing, BMW, Daimler, Volvo and several other large companies have chosen to locate and expand their operations here,” he added. “This acquisition marks our fourth property located in Charleston. Monmouth is very pleased to continue to increase our strong presence in this dynamic and growing market.”
Monmouth Real Estate Investment was founded in 1968 and is one of the oldest public equity REITs in the world. The company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.
The REIT’s current property portfolio consists of 110 properties containing a total of approximately 20.8 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.