July 18, 2012
/PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a 102,594 square foot industrial building located at 685 Alliance Parkway, McClennan County,
, at a purchase price of
. The property is net-leased for 10 years to FedEx Ground Package System, Inc., a
The building is situated on approximately 17 acres and has expansion capabilities. This is a brand new construction by Jones Development Company.
Michael P. Landy
, COO, commented, "We are very pleased to add this new FedEx Ground facility to our growing portfolio. This marks our seventh acquisition this year. All of these acquisitions have been brand new built-to-suit constructions. We have now added a total of 1 million square feet to our high caliber asset base since
. This increases our portfolio to seventy-two properties, containing 8.5 million square feet of gross leasable area, strategically situated across twenty-six different states."
Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly owned real estate investment trust specializing in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The Company's portfolio now consists of seventy-one industrial properties and one shopping center located in twenty-six states. In addition, the Company owns a portfolio of REIT securities.
SOURCE Monmouth Real Estate Investment Corporation