The purchase price equates to $81.88 per sf which is above the average $50-per-sf price paid for industrial properties in the county last year, according to CB Richard Ellis Inc. senior analyst Kelly Offutt. Neighboring Pinellas County's average price was $56 per sf.
"Unless interest rates experience a sharp increase, the market can expect investment prices to rise, as demand continues to thrive," Offutt says. "The investment market is still appealing to companies with a stable outlook of productivity and growth."
Monmouth's other properties are in New York, New Jersey, Minnesota and Illinois. Romar Co. negotiated for the seller. Monmouth Capital Corp. is part of a family of REITs that includes United Mobile Homes Inc. and Monmouth Real Estate Investment Corp. United Mobile Homes invests in manufactured home communities. Monmouth Real Estate Investment Corp. invests in net-leased industrial properties on long-term leases to investment grade tenants, according to the company. Monmouth Capital buys assets that are generally not followed by either United Mobile Homes or Monmouth Real Estate Investment Corp. All three companies are publicly traded.
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