Monmouth REIT pays $19.5M for new Ohio industrial property

Monmouth Real Estate Investment Corp., based in Freehold, announced recently that it has acquired an industrial building in Ohio for $19.5 million.

The real estate investment trust said in a news release that the new 219,765-square-foot property in Stow is net-leased for 10 years to Mickey Thompson Performance Tires and Wheels, guaranteed by Cooper Tire and Rubber Co.

“We are pleased to announce this new acquisition,” Monmouth CEO and President Michael P. Landy said in a prepared statement. “Mickey Thompson is one of the most prominent leaders in making racing tires and their parent company, Cooper Tire, is the fifth-largest tire manufacturer in North America. Mickey Thompson has been in this market for over 25 years, and they recently outgrew their existing facility. We look forward to long-term success with this outstanding organization.”

The building sits on 15.4 acres, and has expansion possibilities, Monmouth said.