Monmouth Real Estate Investment Corp. announced the $17.9 million acquisition of a new industrial building in Lancaster, Ohio.
The Holmdel-based REIT said the 153,000-square-foot building situated on 24.5 acres at 747 Mill Park Drive. was net-leased for 10 years to Magna Seating of America Inc., a division of Magna International.
“We are very pleased to add Magna to our all-star tenant roster. Reflecting the mission-critical nature of this project to both Magna and the Columbus economy, Vice President Mike Pence attended the groundbreaking ceremony of this development on July 30th. We are very fortunate to have in Monmouth a company with a balance sheet and business model that can not only withstand these turbulent periods but can perform well throughout. We look forward to reporting additional high-quality acquisitions during the year,” Michael P. Landy, CEO and president, said.