Monmouth Real Estate Pays Nearly $18M for Ohio Industrial Property
The property at 747 Mill Park Drive is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International.
COLUMBUS, OH—Holmdel, NJ-based Monmouth Real Estate Investment Corp. has recently acquired a new 153,000-square-foot industrial building in Lancaster, OH for $17,874,148.
The property at 747 Mill Park Drive is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International. The building is situated on approximately 24.5 acres.
Michael P. Landy, president and CEO, of Monmouth Real Estate says, “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.”
Monmouth Real Estate has a portfolio of 116 properties, containing a total of approximately 23 million rentable square feet across 30 states. In addition, the company owns a portfolio of REIT securities.
Last September, net lease REIT Monmouth Real Estate relocated its corporate headquarters from Freehold to the Bell Works complex in Holmdel, NJ at 101 Crawfords Corner Road.
The company’s new headquarters was previously home to Bell Labs, the research and development arm of AT&T.