FORT WORTH–Monmouth Real Estate Investment Corp. has acquired a new 304,608-square-foot industrial building at Alliance Airport for a purchase price of $35,300,832.
Located at 2701 Texas Longhorn Way, the property is net-leased for 15 years to Delaware-based FedEx Ground Package System Inc. The building is situated on approximately 44.2 acres.
“We are very pleased to announce the acquisition of this brand new class A built-to-suit distribution center leased for 15 years to FedEx Ground,” Michael P. Landy, president and CEO, says. “The Fort Worth Alliance Airport is the world’s first 100 percent industrial airport and represents one of the largest inland ports in North America.
“Our 304,608-square-foot fully-automated facility is situated right off of the runway and is immediately adjacent to FedEx Express’ 600,000-square-foot southwest regional hub.”
New Jersey-based Monmouth Real Estate Investment Corp., founded in 1968 and one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties, subject to long-term leases, primarily to investment grade tenants. The company’s portfolio consists of 91 properties located in 28 states, containing a total of approximately 14 million rentable square feet. In addition, the company owns a portfolio of REIT securities. [GlobeSt]