The property is net-leased to Anheuser-Busch for a term of 10 years. The newly constructed building was built for the tenant by the seller of the property, Meridian Granite City LLC.
The transaction "reflects our policy of purchasing high-quality net-leased industrial properties leased to investment-grade tenants," according to Landy. "It is our company's goal to continue this program in the future."
The latest acquisition increases MREIC's portfolio to a total of 28 industrial properties and one shopping center in New Jersey, the neighboring states of New York, Connecticut and Pennsylvania and 14 other states. Besides its real estate holdings, MREIC owns a portfolio of REIT securities.
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