FREEHOLD, N.J., Oct. 17, 2016 /PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE: MNR) today announced the acquisition of a new 338,584 square foot industrial building located at 3779 Lake Shore Road, Hamburg, NY, at a purchase price of $35,100,000. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 49 acres.
Michael P. Landy, President and CEO, commented, "We are very pleased to announce the acquisition of this brand new Class A built-to-suit distribution center leased for 15 years to FedEx Ground. This 49 acre property situated right off of Interstate 90 will serve as a strategically vital outpost for FedEx as it will handle cross-border shipments and custom clearing with Canada."