Monmouth buys Savannah industrial property for $27.8m

Monmouth buys Savannah industrial property for $27.8m

Published at: 2018-12-03 16:22 | Author: CIJ USA
Monmouth Real Estate Investment Corporation acquired a 126,520 sq ft industrial building in Savannah, Georgia. Situated on approximately 29 acres, the property traded for $27.8m or just under $220 per sq ft. The property is net-leased for 10 years to FedEx Ground Packaging System. “With this acquisition, during our first fiscal quarter we have grown our high-quality portfolio by approximately 500,000 sq ft, situated on 100 acres, for a total cost of $113.1m. This growth consists of two properties leased long-term to investment grade tenants,” said Michael Landy, President and CEO of Monmouth.

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