Monmouth Real Estate Investment Corporation has acquired a newly completed industrial building in Daytona Beach, Florida, for $30.75m. The 399,440 sq ft building changed hands for just under $77 per sq ft. The property is net-leased for 10 years to B. Braun Medical Inc. Founded in 1839, and headquartered in Germany, B. Braun is a privately held medical device company that manufactures, markets, and sells various healthcare products worldwide.
“We are pleased to announce this new acquisition. This built-to-suit property is ideally situated near the Daytona Beach International Airport and Interstate 4,” said Michael Landy, president and CEO of Monmouth. “With approximately 10 percent of our property portfolio located here in the Sunshine State, we remain optimistic about our long-term growth potential. This marks our fourth acquisition in fiscal 2018, comprising 1.7 million sq ft, totaling $140m.”
