The asset, which was acquired from BODU Partners, a Missouri-based general partnership, is net leased to Carlisle Tire and Wheel Co. for a 10-year term. The purchase of the property marks the third industrial acquisition by Monmouth Real Estate Investment Corp. since the company's fiscal year began on October 1, 2002.
MREIC, which was formed in 1968, is a publicly owned REIT specializing in net-leased industrial properties. The company's equity portfolio consists of 32 industrial properties and one shopping center located in New Jersey and 18 other states. In addition, the company owns a portfolio of REIT securities.
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