Monmouth Real Estate Investment Corp. bought a 298,472-square-foot industrial building in Ohio for about $18.3 million.
The property in Kenton, Ohio, has a 10-year net lease to International Paper Co., a New York corporation. The building is on about 46 acres.
“We are very pleased to announce the acquisition of this new Class A distribution center,” the real estate investment trust’s CEO and president, Michael P. Landy, said. “International Paper is a global leader in the paper and packaging industry. They are a founding member of the (Standard & Poor’s) 500.”
Freehold-based Monmouth already had International Paper as a tenant at another location, Landy said.
“We are very pleased to grow this relationship through this new acquisition,” he added. “This building has full rail access and is adjacent to one of their largest manufacturing plants in the nation.”