GRIFFIN, GA-Freehold, NJ-based Monmouth Real Estate Investment Corp. has reached down to Georgia to acquire a 215,720-sf warehouse at 700 Hudson Rd. in Griffin, about 40 miles south of Downtown Atlanta in Spalding County.
Monmouth paid Georgia-based Jebco Griffin One LLC and Jebco Griffin Two LLC $15.1 million, or $70 per sf, for the property which is net leased to Caterpillar Logistics Services through Nov. 30, 2016, according to Cynthia J. Morgenstern, Monmouth's executive vice president. Caterpillar Inc. is the tenant's parent and guarantees the lease.
Stan Johnson Co. negotiated for the seller. Monmouth represented itself. The REIT, organized in 1968, focuses in acquiring net-leased industrial properties, Morgenstern says in a prepared statement. Monmouth's 22-state portfolio includes 41 industrial properties and one shopping center.
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