Monmouth (MNR) Acquires Industrial Building Worth $33.7M
Zacks Investment Research | Jun 28, 2018 10:44PM ET
Monmouth Real Estate Investment Corporation (NYSE:MNR) has shelled out nearly $33.7 million for the purchase of a new 362,942-square-foot industrial building at 6735 Trippel Road, Theodore, AL. Net-leased for 11 years to Amazon (NASDAQ:AMZN) Fulfillment Service, this buyout marks the company’s second property leased to Amazon.
The purchase of this industrial property, which is situated on around 31.27 acres, in the Mobile, AL MSA, is a strategic fit. This is because it will help Monmouth Real Estate capitalize on the growing demand for the Port of Mobile due to the completion of the Panama Canal expansion.
Per the company, over the past years, shipping container growth at the U.S. East Coast ports is surpassing that of the West Coast ports. Moreover, with two interstate highway systems and five Class-1 railroads serving the port, industrial real estate assets in the region are likely to experience solid demand for space.
Of late, demand for modern distribution facilities have been getting a significant boost as companies are compelled to enhance, and renovate their distribution and production platforms to support the e-commerce business, address a large customer base and urbanization.
As such, industrial REITs are scaling new heights. Per a Zacks Investment Research
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