Monmouth Real Estate Investment Corporation, a Freehold, NJ-based real estate investment trust, announced that it has purchased a new industrial building in Burlington, WA for $30,662,080. The transaction was completed on April 8, though transaction details beyond the company's disclosure are unknown. Fisher Construction Group lists the facility on its website as a 10-month fast track project delivered for Jones Development, a Kansas City, MO-based second generation commercial development firm.
"This acquisition represents a new territory for Monmouth and it expands our geographic footprint from coast to coast," said Michael Landy, Monmouth Real Estate President and CEO, in a press release. "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. We are very pleased to enter the Seattle market and hope to expand our presence here over time."
Located at 2000 South Walnut Street, the industrial building is situated on approximately 42.4 acres and includes 210,445 square feet of space. The full property is net-leased to FedEx Ground Packaging System, Inc. for 15 years.
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