Freehold-based Monmouth Real Estate Investment Corp. announced Thursday it has acquired an industrial building in Alabama’s Port of Mobile for approximately $33.7 million.
The 362,942-square-foot property located at 6735 Trippel Road in Theodore is net-leased for 11 years to Amazon Fulfillment Services Inc., a Delaware corporation. The building sits on about 31 acres.
“We have long positioned Monmouth as a company with strong linkages to the digital economy. This acquisition marks our second property leased to Amazon. The Port of Mobile has been experiencing substantial demand as the result of the recently completed Panama Canal expansion. With two interstate highway systems and five Class 1 railroads serving the port, this region is very well situated to generate meaningful long-term growth,” Michael P. Landy, CEO and president, said.