Freehold-based Monmouth Real Estate Investment Corp., a public equity REIT, announced Friday it has acquired a 350,000-square-foot industrial building for $25.5 million.
The building, located at 5440 Haggerty Lane in Lafayette, Indiana, is situated on approximately 46 acres and is net-leased for 10 years to Toyota Tsusho America Inc., a New York corporation.
“We are very pleased to welcome Toyota, one of the largest companies in the world, to our all-star tenant roster. This mission-critical facility serves the 3.3 million square foot Subaru auto assembly plant which is situated directly across from our property. With nearly 46 total acres, our property provides ample land for future expansion capacity,” Michael P. Landy, CEO and president, MREIC, said.