TAMPA, FL-Monmouth Real Estate Investment Corp. has increased its presence in Hillsborough County's industrial market with the $7.67-million acquisition from FE Tampa Investment LP of a 95,662-sf building entirely net-leased to Federal Express Corp. Inc. The 20-year lease for the eight-year-old property expires in 2017.
The eight-year-old property at 5101 West Waters Ave. in Tampa is adjacent to the FedEx Ground Package System Inc. facility on Florida Mining Boulevard that Monmouth purchased in 2004. At that time, Monmouth paid Florida-based Regional Development Group Inc. $17.7 million or $103.64 per sf, then one of the highest per-sf prices paid for an industrial property in Central Florida.
Memphis-based FedEx Ground Package System occupies the Florida Mining Boulevard property on a 15-year lease aggregately valued at about $7.69 million, local brokers tell GlobeSt.com.
The decision to buy the Waters Avenue property was "an easy one" because "the Hillsborough County market is experiencing a period of substantial growth," Monmouth executive vice president Cynthia J. Morgenstern says in a prepared statement.
Florida-based Regional Development Group Inc. constructed the build-to-suit property for Federal Express Corp. in 1997. The Stan Johnson Co. of Tulsa, OK negotiated the Waters Avenue deal for the seller. Monmouth represented itself. During its fiscal year ended Sept. 30, the New Jersey-based company acquired five properties at a total cost of about $31.18 million.
During its first fiscal quarter of 2006 that ended Dec. 31, 2005, Monmouth acquired three properties for an aggregate cost of about $21.67 million. The REIT owns 41 industrial properties and one shopping center along with a portfolio of REIT securities, according to Morganstern.
In 2002, Monmouth purchased a 90,020-sf structure in Fort Myers that is also net-leased to FedEx for 10 years, as GlobeSt.com reported Jan. 25, 2002. Monmouth paid Jones Development Co. LLC of Kansas City, MO $4.4 million or $48.88 per sf for the 2670 Colonial Blvd. property, 20 miles south of Downtown Tampa.
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