Monmouth Real Estate Investment Corp. struck a deal with an undisclosed seller for a new, 310,922-square-foot industrial building in Davenport, FL. The New Jersey buyer paid $37.8 million for the asset at 5000 North Ridge Trail, which is net-leased to FedEx Ground Packaging Systems Inc. for 15 years.
REIT president and CEO Michael P. Landy indicated that one appeal of the build-to-suit distribution center was its location off Interstate 4. Additionally, “immediately adjacent to this new FedEx facility, Walmart has recently constructed two large e-commerce fulfillment centers that total 2.35 million square feet,” he said.
Kansas City, MO-based Jones Development Co. built the FedEx building, which is situated on 47 acres. Construction was launched last year, at a cost of $28.5 million.
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