Monmouth REIT pays 30.6M for Florida building

Eric Strauss//February 26, 2015//

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Monmouth Real Estate Investment Corporation said Thursday it has purchased a new industrial building in Florida that covers almost 300,000 square feet.The Freehold-based real estate investment trust said in a news release that it paid $30.6 million for the 297,579-square-foot property in Jacksonville, which is net-leased for 15 years to FedEx Ground Package System Inc.

“We are very pleased to announce the acquisition of this brand new, Class A built-to-suit distribution center leased for 15 years to FedEx Ground,” Michael P. Landy, Monmouth’s CEO and president, said in a prepared statement. “This property is situated in close proximity to Interstate 95 and Interstate 10. The Port of Jacksonville currently ranks among the nation’s Top 20 ports. It is widely anticipated that, as the expanded Panama Canal comes online, the Jacksonville economy will benefit.”

The building is located at 13509 Waterworks St., a 42.2-acre property.

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