The subject, built in 1994, was originally utilized by both Nike and FedEx. FedEx expanded from 297,000 s/f to the entire 449,900 s/f building in 2008. The facility is owned by Monmouth Real Estate Investment Corp.
The property is utilized for the storing, securing and distribution of critical inventory largely for corporate clients and employs over 200 people. Effectively this facility is used to provide logistics services for about twenty corporate clients who find it more efficient to retain inventory at FedEx's Memphis hub as opposed to having product picked up at their own warehouses each time an order is made. The facility primarily focuses on serving the high-tech and healthcare industries.
According to Andrew Stewart, "Monmouth Real Estate, now a $660,000,000 total market cap company, is well positioned for continued growth. They have a conservatively managed balance sheet and an experienced senior management team that has worked together for many years. We are pleased to continue to play a role in the company's growth."
Monmouth Real Estate Investment Corp., which was organized in 1968, is a publicly-owned real estate investment trust (REIT) specializing in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. MREIC's current tenants include: Anheuser-Busch, Best Buy, Caterpillar, Coca-Cola, FedEx, Keebler/Kelloggs, Mead Paper, and Sherwin-Williams. The Company's property portfolio consists of 68 industrial properties and one shopping center located in 25 states, totaling approximately 8 million square feet of gross leasable area. In addition, the company owns a portfolio of REIT securities. Cronheim has financed numerous properties for MREIC as well as many other REITS
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