Monmouth Real Estate Investment Corp. announced Friday the $27.83 million acquisition of a new industrial building in Savannah, Georgia.
The Freehold-based real estate investment trust said the 126,520-square-foot building is located at 505 Morgan Lakes Industrial Blvd. and has been net-leased for 10 years to FedEx Ground Packaging Systems Inc.
“We are very pleased to announce this new acquisition. The Port of Savannah is a primary distribution center for the U.S. and represents a growing market for Monmouth. The Port of Savannah is the fourth largest port in the U.S. and is the fastest growing port in North America. This strong growth has been the direct result of the recently expanded Panama Canal. With this acquisition, during our first fiscal quarter we have grown our high-quality portfolio by approximately 500,000 square feet, situated on 100 acres, for a total cost of $113.1 million. This growth consists of two properties leased long-term to investment grade tenants. Fiscal 2019 is off to an excellent start,” Michael P. Landy, CEO and president, said.