New Jersey-based Monmouth Real Estate Investment Corp. has recently acquired a brand new 399,440-square-foot industrial building located at 1341 N. Clyde Morris Blvd., Daytona Beach, FL. The purchase price was $30.75 million.
The property is net-leased for 10 years to B. Braun Medical Inc., a Pennsylvania corporation. The building is situated on approximately 27.5 acres.
Michael P. Landy, president and CEO, explains that “We are pleased to announce this new acquisition. This built-to-suit property is ideally situated near the Daytona Beach International Airport and Interstate 4. Founded in 1839, and headquartered in Germany, B. Braun is a privately held medical device company that manufactures, markets, and sells various healthcare products worldwide.”
Landy continues that “They have a new manufacturing facility in very close proximity to our distribution facility. The Florida economy consistently ranks as one of our nation’s strongest. With approximately 10% of our property portfolio located here in the Sunshine State, we remain optimistic about our long-term growth potential.”
According to Landy, this marks the REIT’s fourth acquisition in fiscal 2018 comprising 1.7 million square feet totaling $140 million.
Monmouth Real Estate Investment was founded in 1968 and is one of the oldest public equity REITs in the U.S. The company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.