Monmouth Real Estate Investment has a number of FedEx-leased properties, including a FedEx Ground property in Mesquite, TX
NORTH CHARLESTON, SC—Monmouth Real Estate Investment Corp. has acquired a new more than 265,000-square-foot FedEx Ground building here for approximately $47.2 million.
The brand-new property at 6850 Weber Blvd. in North Charleston is net leased to FedEx Ground for 15 years and totals 265,318 square feet. The property is located on a 50-acre parcel.
Michael P. Landy, president and CEO of Monmouth Real Estate says of the deal, “This property is ideally located near the Charleston International Airport and has ample acreage to accommodate future expansion. The Port of Charleston is one of our nation's fastest growing ports and has the deepest channel in the southeast region. Boeing, BMW, Daimler, Volvo and several other large companies have chosen to locate and expand their operations here”
He notes that the deal increases the industrial REIT's portfolio in Charleston to four properties. The company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.
Monmouth's property portfolio consists of 110 properties containing a total of approximately 20.8 million rentable square feet across 30 states.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
