The property is currently net-leased for a 10-year term to Reynolds Metals Co., which merged two years ago with Alcoa Inc. The building is currently fully occupied by Integris Metals, a joint venture that is 50% owned by Alcoa. The asset was acquired from Jones Elgin I, an Illinois LLC which built the facility for the tenant.
According to Eugene W. Landy, president of MREIC, the acquisition is a reflection of his firm's ongoing effort to "acquire high-quality industrial properties leased to investment grade tenants." MREIC is a publicly owned REIT with a portfolio of 32 properties in 18 states. The company also owns a portfolio of REIT securities.
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