MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE BIRMINGHAM, AL MSA

Rhea-AI Summary

Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 530,000 square foot Class A distribution center in Vance, AL, for $51.7 million. The property, leased to Mercedes Benz US International for 10 years, will support their electric vehicle assembly line. With a land-to-building ratio exceeding four times, the site offers significant future expansion potential. Monmouth, a leading net-leased industrial REIT founded in 1968, boasts a 99.7% occupancy rate across its 124 properties totaling 25.7 million rentable square feet nationwide.

Positive

• Acquisition of a large, strategically located distribution center for $51.7 million.
• Long-term 10-year lease with investment-grade tenant Mercedes Benz US International.
• Property designed to support emerging electric vehicle assembly operations.
• Future expansion potential due to favorable land-to-building ratio of over four times.
• 99.7% occupancy rate across Monmouth's diversified portfolio.

Negative

• None.

Holmdel, New Jersey, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 530,000 square foot Class A distribution center located at 11146 Will Walker Road, Vance, AL at a purchase price of $51.7 million. The property is net-leased for 10 years to Mercedes Benz US International, Inc., an Alabama corporation. The building is situated on approximately 53.5 acres representing a land to building ratio of over four times providing for future expansion capacity. The fully-airconditioned building will serve Mercedes’ new electric vehicle assembly line.

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 124 properties, containing a total of approximately 25.7 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is 99.7%.

Contact: Becky Coleridge
732-577-9996

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FAQ

What is the recent acquisition by Monmouth Real Estate (MNR)?

Monmouth Real Estate has acquired a 530,000 square foot Class A distribution center in Vance, AL for $51.7 million.

Who is the tenant for the newly acquired property by MNR?

The property is leased to Mercedes Benz US International for a duration of 10 years.

What is the strategic significance of the Vance, AL acquisition for MNR?

The acquisition supports Mercedes Benz's new electric vehicle assembly line and provides future expansion opportunities due to its substantial land area.

What is the current occupancy rate of Monmouth Real Estate's portfolio?

Monmouth Real Estate has a current occupancy rate of 99.7% across its properties.

How many properties does Monmouth Real Estate manage?

Monmouth Real Estate manages 124 properties totaling approximately 25.7 million rentable square feet.