X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREEHOLD, NJ-Monmouth Real Estate Investment Corp. (MREIC), based here, has acquired a 184,800-sf industrial building in Granite City, IL. The purchase price was pegged at “approximately $12.5 million” by company president Eugene W. Landy.

The property is net-leased to Anheuser-Busch for a term of 10 years. The newly constructed building was built for the tenant by the seller of the property, Meridian Granite City LLC.

The transaction “reflects our policy of purchasing high-quality net-leased industrial properties leased to investment-grade tenants,” according to Landy. “It is our company’s goal to continue this program in the future.”

The latest acquisition increases MREIC’s portfolio to a total of 28 industrial properties and one shopping center in New Jersey, the neighboring states of New York, Connecticut and Pennsylvania and 14 other states. Besides its real estate holdings, MREIC owns a portfolio of REIT securities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.