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Boston & New England  + Metro Boston  + Industrial  | 
First Citizen Bank’s CIT Division in $29.9M Industrial Loan

$4B: Value of Industrial Logistics’ Cash Deal to Absorb Monmouth Real Estate

Newton, MA-based Industrial Logistics Properties Trust has acquired Monmouth Real Estate Investment Corporation in an all-cash transaction valued at approximately $4 billion. The transaction includes committed MNR acquisitions, transaction costs and the assumption of approximately $323 million of debt.

The MNR portfolio includes 126 Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet of space with a weighted average lease term of approximately eight years that was 99.7% occupied and over 80.0% leased to investment grade rated tenants.

ILPT expects the MNR portfolio to generate annualized rental revenues of approximately $175 million in 2022 share.

Simultaneous with closing the MNR transaction, ILPT entered into a new joint venture with an institutional investor for 95 MNR properties that are expected to generate approximately $137 million in annualized net operating income.


Inside The Story

Industrial Logistics Properties Trust

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

Step 1: Select Education
  • ◦Sale/Acquisition
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