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.