Monmouth Real Estate Investment Corporation has acquired a new a new 237,756 square foot industrial building in Homestead, FL. Located at 27200 SW 127th Avenue on a 50 acre site, the REIT paid $38.3 million or just over $157 per sqf for the asset. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. CEP Michael P. Landy said that Florida’s economy consistently ranks as one of the fastest growing state economies in our nation. “The many Florida ports, including the Port of Miami, are poised to become the most substantial beneficiaries of the recently expanded Panama Canal.” The new acquisition brings Monmouth’s portfolio to 13 properties, comprising 1.9 million square feet, located around the state.”
