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Florida & Gulf Coast  + Florida  + Industrial  | 

Monmouth Delivers $38M for FL FedEx Building

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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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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