The Chicago-based provider of industrial parts, tools and supplies initially signed a three-year lease with MNRTA in January 1998, and subsequently extended it through the end of 2003. McMaster-Carr utilizes the location as its East Coast distribution center.
MNRTA, a REIT based in Freehold, NJ, currently has an equity portfolio of 30 industrial properties and one shopping center in 18 states and also owns a portfolio of REIT securities. "Of the 30 industrial properties, only four now have lease expirations between the present time and the end of 2003," according to Cynthia Morgenstern the company's executive vice president.
"On a square footage basis, these expirations constitute approximately 5% of our industrial portfolio," Morgenstern continues. "We are in the process of negotiating renewals or extensions of the majority of expiring leases and negotiating leases with new tenants where we foresee the necessity to do so. We anticipate virtually full occupancy at least through 2004."
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