Monmouth Real Estate Investment Corp. has acquired a new 347,145-square-foot industrial building located at 584 US Highway 130, Trenton, NJ at a purchase price of $85.24 million. The property is net-leased for 15 years with approximately 14 years remaining to FedEx Ground Packaging System Inc., a Delaware corporation.
The building is situated on approximately 62 acres.
Michael P. Landy, president and CEO, commented, “We are extremely pleased to announce this new acquisition. Centrally located between New York City and Philadelphia, this location serves 10% of the US population within a 75 mile radius and 33% of the US population within a two-hour drive.
The property is in very close proximity to the New Jersey Turnpike, Interstate 195, and Interstate 295. It is located 45 miles south of Newark International Airport as well as the Port of New York and New Jersey. We have strategically positioned many of our assets to benefit from the recently expanded Panama Canal and this acquisition will provide additional exposure to this proven concept. This location is only a half-hour drive from our corporate headquarters and represents one of the most concentrated consumer and business markets in the world.”
Monmouth Real Estate Investment Corp., founded in 1968, 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.