Monmouth Capital Buys Building

Monmouth Capital (MONM Quote) bought a 91,854-square-foot industrial building in El Paso, Texas, for $9 million.

The Freehold, N.J., real estate investment outfit said the property is net leased to FedEx Ground Package System for 10 years. Monmouth Capital Corporation joined with Jones Willmar of Missouri to form Jones EPI for the deal. The building was purchased from Jones Willmar, LLC, which constructed the building for the tenant.

"We have had a long and successful history working with Jones in the acquisition of other properties both for Monmouth Capital and for our sister company, Monmouth Real Estate Investment (MNRTA Quote), and are certain that this latest acquisition will prove a strong addition to our portfolio of properties," said President Eugene W. Landy. "The purchase of the El Paso property increases the total number of industrial properties net leased to investment grade tenants in the Monmouth Capital portfolio to 11, leasing over three quarters of a million square feet in eight states."

Monmouth Capital was flat Friday at $5.25.