Monmouth Real Estate Investment Corporation has purchased a new 297,579 square foot industrial building located at 13509 Water Works Street in Jacksonville for $30.6 million. The property sits on 42.2 acres and is net leased for 15 years to FedEx Ground Package system, Inc. Founded in 1968, Monmouth operates 88 properties in 28 states with approximately 12.7 million square feet. President and CEO Michael P. Landy said the FedEx Ground had taken a 15-year lease of the Class A built-to-suit facility located close to Interstate 95 and Interstate 10. “The Port of Jacksonville currently ranks amongst the nation’s top 20 ports,” he said. “It is widely anticipated that as the expanded Panama Canal comes on-line, the Jacksonville economy will benefit.”
