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Mercedes Benz Net-Leased Distribution Center in Birmingham Sells for $52M
Monmouth Real Estate Investment Corporation has acquired a 530,000-square-foot Class A distribution center on Will Walker Road in Vance, AL for $51.7 million.
The Birmingham-area property is net-leased for 10 years to Mercedes Benz US International, Inc., an Alabama corporation. The fully air-conditioned building will serve Mercedes’ new electric vehicle assembly line.
The building is situated on approximately 53.5 acres and represents a land-to-building ratio of more than four times, which provides opportunities for future expansion capacity.
Monmouth Real Estate Investment Corporation specializes in single-tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Its portfolio consists of 124 properties, containing a total of approximately 25.7 million rentable square feet across 32 states. Its occupancy rate is 99.7%.
- ◦Sale/Acquisition
