Monmouth Real Estate Investment Corporation has purchased a newly completed industrial building in the Orlando, submarket of Davenport. Located on a 47 acre parcel at 5000 North Ridge Trail, the 310,922 sqf warehouse was sold for $37.78 million and is net-leased for 15 years to FedEx Ground Packaging System. Founded in 1968, Monmouth is one of the oldest public equity REITs in the U.S. and specializes in single-tenant, net-leased industrial properties, subject to long-term leases, primarily to investment grade tenants. Michael P. Landy, President and CEO of Monmouth commented, “We are very pleased to announce the acquisition of this brand new Class A built-to-suit distribution center leased for 15 years to FedEx Ground.” He said the property’s location near Interstate 4, next to two new Walmart e-commerce fulfillment centers totaling 2.35 million sqf.
