Monmouth Real Estate Investment Corporation has acquired a new 657,518 square foot industrial building located at 3150 Highway 42 in Locust Grove, GA. for $96.7 million.
”The building is situated on approximately 130 acres and has a landto-building ratio of nearly nine times, providing ample opportunity for future development to drive accretive growth,” said Monmouth Real Estate in a statement. The property is net-leased for 20 years to Home Depot U.S.A., Inc.
“We are very pleased to announce this highquality acquisition. A common misconception is that all industrial real estate provides a linkage to the digital economy, but in fact, a new type of industrial real estate has been designed specifically to serve the computer-driven supply chain. These smart, highly-automated facilities are uniquely equipped to handle omni-channel distribution,” said Michael P. Landy, President and CEO.
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Landy added, “With the addition of this brand new facility near Atlanta, Monmouth’s weighted average building age is now 9.5 years, representing the youngest and most state-of-the-art portfolio in the Industrial REIT sector. Through the acquisition of one high-quality asset at a time, we have more than doubled our portfolio size over the past five years. This transaction marks our second high-quality acquisition during the first quarter. Fiscal 2021 is off to a very strong start for Monmouth, and we are confident we are taking the right steps to extend our company’s long track record of profitable growth and value creation.”