Area brokers tell GlobeSt.com the $103.64 per-sf price paid by Monmouth is one of the highest tags this year for an industrial real estate property in the Tampa Bay market. But the Freehold, NJ-based REIT also received a prime creditworthy tenant in FedEx which has leased the entire structure for 15 years at an estimated effective aggregate rent of $3 per sf, or about $7.69 million, brokers tell GlobeSt.com.
Florida-based Regional Development Group Inc. built and sold the building to Monmouth. Collateral Mortgage Capital LLC of Mission Hills, KS brokered the purchase transaction.
Publicly traded Monmouth, organized in 1968, focuses on net-leased industrial properties. The company's equity portfolio comprises 33 industrial properties and one shopping center.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
