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New Jersey REIT buys Concord industrial building

Monmouth Real Estate Investment Corp. has acquired a new 330,717-square-foot industrial building in Concord for nearly $32 million. The property, off Interstate 85 at 4690 Global Ave. NW, is net-leased for 10 years to FedEx Ground Package System Inc.

“We are very pleased to add this brand new Class A built-to-suit FedEx distribution center to our portfolio,” said Monmouth Chief Executive Michael Landy in a written statement. “The Charlotte metropolitan  statistical area is a prime center for logistics and distribution facilities as well as the second-largest banking center in the United States. FedEx continues to experience substantial growth as a result of the on-going migration to e-commerce.”

Landy says the property is ideally situated off Interstate 85.

New Jersey-based Monmouth Real Estate is one of the oldest publicly traded real estate investment trusts. The company, founded in 1968, owns 92 properties in 28 states.

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