Monmouth Real Estate Investment Corp. announced Friday it has acquired an industrial building in Trenton for $85.2 million.
The 347,145-square-foot building is located on 62 acres at 584 U.S. Highway 130. It is currently net-leased for 15 years with about 15 years remaining to FedEx Ground Packaging System.
“We are extremely pleased to announce this new acquisition. Centrally located between New York City and Philadelphia, this location serves 10 percent of the U.S. population within a 75 mile radius and 33 percent of the U.S. population within a two-hour drive,” Michael P. Landy, CEO and president, said.
The property is within close access to the New Jersey Turnpike and Interstates 95 and 295, Landy said.
“We have strategically positioned many of our assets to benefit from the recently expanded Panama Canal and this acquisition will provide additional exposure to this proven concept. This location is only a half-hour drive from our corporate headquarters and represents one of the most concentrated consumer and business markets in the world,” Landy said.