Freehold-based Monmouth Real Estate Investment Corp. announced Wednesday it has acquired an industrial building in Charleston, South Carolina, for $47.2 million.
The 265,318-square-foot property is net-leased for 15 years to FedEx Ground Packaging System Inc., a Delaware corporation. The building sits on about 50 acres and is located at 6850 Weber Blvd.
“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,” Michael P. Landy, CEO and president, said.