Photo Courtesy FedEx
By Joshua Burd
A real estate investment trust based in Freehold has turned to upstate New York to acquire a FedEx distribution center, paying $35.1 million for the industrial asset.
The REIT, Monmouth Real Estate Investment Corp., announced Tuesday it had purchased the 338,584-square-foot building at 3779 Lake Shore Road in Hamburg. The property is net-leased for 15 years to FedEx Ground Packaging System Inc., sitting a little more than 10 miles outside Buffalo.
“We are very pleased to announce the acquisition of this brand new Class A built-to-suit distribution center leased for 15 years to FedEx Ground,” Michael P. Landy, CEO and president of MREIC, said in a prepared statement. “This 49-acre property situated right off of Interstate 90 will serve as a strategically vital outpost for FedEx as it will handle cross-border shipments and custom clearing with Canada.”
The 48-year-old REIT said it specializes in single-tenant, net-leased industrial properties, subject to long-term leases and primarily to investment grade tenants. Its portfolio consists of 100 properties in 30 states, totaling roughly 16.3 million rentable square feet.