DAYTON BEACH, FL–The Freehold Township, NJ-based REIT, Monmouth Real Estate Investment Corp., has made one of its periodic acquisitions here: a brand new 399,440 square foot industrial building located at 1341 N. Clyde Morris Blvd.
The property, which traded for $30.7 million, is net-leased for 10 years to B. Braun Medical Inc. The building is situated on approximately 27.5 acres.
It is a build-to-suit property near the Daytona Beach International Airport, CEO Michael P. Landy, noted. He also said that this deal marks the REIT's fourth acquisition in fiscal 2018, totalling $140 million. “With approximately 10% of our property portfolio located here in the Sunshine State, we remain optimistic about our long-term growth potential.,” he said in a prepared statement.
In January Monmouth acquired a new 831,764 square foot industrial building in Savannah, GA, for $ 57.4 million. The property is net-leased for 10 years to Shaw Industries. In November it acquired a new 300,000 square foot industrial building in Oklahoma City, OK for $30.2 million. That property is net-leased for 10 years to Amazon Fulfillment Services.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
