NJ-Based Monmouth Enters Seattle with $30M Buy

Monmouth Real Estate Investment Corp. acquired a new, 210,445-square-foot industrial property for $30.6 million from developer JDC. The buy represents the Freehold, NJ-based REIT’s first foray into the Seattle area. The property is situated on 42 acres at 2000 S. Walnut in Burlington, WA, and is net-leased to FedEx Ground Packaging System Inc. for 15 years.

“This acquisition represents a new territory for Monmouth, and it expands our geographic footprint from coast to coast,” said Michael P. Landy, the REIT’s president and CEO. “This large 42-acre site is situated right off of Interstate 5, and is in close proximity to one of the largest airplane assembly plants in the world, owned by Boeing in Everett.”