Monmouth Real Estate Investment Corporation acquired a brand new 265,318 square foot industrial building for $47,174,296 at 6850 at Weber Boulevard, North Charleston, South Carolina.
Situated on approximately 50 acres, the property is net-leased for 15 years to FedEx Ground Packaging System, Inc.
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world, according to company officials. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.
Michael P. Landy, President & CEO, commented, "We are very pleased to announce this new acquisition. This property is ideally located near the Charleston International Airport and has ample acreage to accommodate future expansion. The Port of Charleston is one of our nation's fastest growing ports and has the deepest channel in the southeast region.”
“Boeing, BMW, Daimler, Volvo and several other large companies have chosen to locate and expand their operations here. This acquisition marks our fourth property located in Charleston. Monmouth is very pleased to continue to increase our strong presence in this dynamic and growing market,” he added.