Monmouth expands South Carolina industrial portfolio
Monmouth Real Estate Investment Corporation bought a newly completed industrial building in North Charleston, South Carolina, for $47.1m. Located on a 50-acre site, the 265,318 sq ft building is net-leased for 15 years to FedEx Ground Packaging System. Founded in 1968, the REIT specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.
“We are very pleased to announce this new acquisition. 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, said Michael Landy, president and CEO of Monmouth Real Estate Investment Corporation. “Boeing, BMW, Daimler, Volvo and several other large companies have chosen to locate and expand their operations here. This acquisition marks our fourth property located in Charleston.”