Monmouth Real Estate Investment Corporation expanded with the acquisition of a new 153,000 square foot industrial building located at 747 Mill Park Drive, Lancaster, Ohio.
According to company officials, the property on approximately 24.5 acres, acquired at a purchase price of $17,874,148, is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International.
Michael P. Landy, President and CEO, commented, "We are very pleased to add Magna to our all-star tenant roster. Reflecting the mission-critical nature of this project to both Magna and the Columbus economy, Vice-President Mike Pence attended the groundbreaking ceremony of this development on July 30th.
“We are very fortunate to have in Monmouth a company with a balance sheet and business model that can not only withstand these turbulent periods but can perform well throughout. We look forward to reporting additional high-quality acquisitions during the year," he added.
Monmouth Real Estate Investment Corporation, founded in 1968, specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 116 properties, containing a total of approximately 23 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.