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.
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.”