Monmouth Real Estate buys $18.3m IPC-leased shed in Ohio

Monmouth Real Estate Investment Corporation has paid $18.3 million for a newly completed industrial building in Kenton, OH. The 298,472 square foot warehouse is located on a 46 acre site on Fontaine Street. Trading for just over $61 per sqf, the property is net-leased for the next 10 years to International Paper Company. The REIT's property portfolio consists of 107 properties containing a total of approximately 18.6 million rentable square feet across 30 states. Michael P. Landy, President and CEO, said International Paper "has been an excellent tenant of ours at another facility and we are very pleased to grow this relationship through this new acquisition. This building has full rail access and is adjacent to one of their largest manufacturing plants in the nation."