FREEHOLD, N.J., Oct. 18, 2011 /PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE: MNR) today announced the acquisition of a 46,253 square foot industrial building located at Pinson Drive and Business Center Drive, Neuces County, Corpus Christi, Texas, at a purchase price of $4.9 million. The property is net-leased through August 31, 2021 to FedEx Ground Package System and is subject to the terms of a Ground Lease Agreement with the City of Corpus Christi.
The building is situated on approximately 8.18 acres at the Corpus Christi International Airport and is a brand new construction by Jones Development Company.
Michael P. Landy, COO, commented, "The Corpus Christi facility, located at the Corpus Christi International Airport, will be used as a FedEx Ground hub to serve this growing area of Texas. The building can be expanded by 50% which is important given the increased volume that is anticipated as a result of the Panama Canal expansion due to be completed in 2014."
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 property portfolio now consists of sixty-seven industrial properties and one shopping center located in twenty-five states. In addition, the Company owns a portfolio of REIT securities.
SOURCE Monmouth Real Estate Investment Corporation