New Jersey-based Monmouth Real Estate Investment Corp. has purchased a brand new 373,750-square-foot industrial building located at 650 Braselton Pkwy., Braselton, GA. The purchase price was $61.1 million.
According to a prepared statement, the property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 93 acres.
Michael P. Landy, President and CEO, commented, “We are very pleased to announce this new acquisition leased for 15 years to FedEx Ground. Situated on 93 acres right off of Interstate 85, this 373,750 square foot facility has substantial future expansion capacity. The Hartsfield-Jackson Atlanta International Airport consistently ranks as one of the world’s busiest airports and this facility is well situated to serve the 6.6 million residents located within the Atlanta-Athens corridor.”
Monmouth Real Estate Investment Corporation, 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.