New Jersey-based Monmouth Real Estate Investment Corp. has recently acquired a brand new 298,472-square-foot industrial building located at 2465 Fontaine St., Kenton, OH. The purchase price is $18.29 million.
The property is net-leased for 10 years to International Paper Company, a New York corporation. According to a prepared release, the building is situated on approximately 46 acres.
Michael P. Landy, president and CEO, revealed, “We are very pleased to announce the acquisition of this new class A distribution center. International Paper is a global leader in the paper and packaging industry. They are a founding member of the S&P 500. For several years International Paper has been an excellent tenant of ours at another facility and we are very pleased to grow this relationship through this new acquisition. This building has full rail access and is adjacent to one of their largest manufacturing plants in the nation.”
Monmouth Real Estate Investment Corp.’s property portfolio consists of 107 properties containing a total of approximately 18.6 million rentable square feet, geographically diversified across 30 states.