By Joshua Burd
A real estate investment trust has added to its portfolio in central New Jersey, acquiring a 347,145-square-foot industrial property in Trenton for more than $85 million.
Monmouth Real Estate Investment Corp. announced recently that it had purchased the building at 584 Route 130. Sitting on 62 acres, the property is net-leased for 15 years to FedEx Ground Packaging System Inc., with about 14 years remaining on the lease.
In announcing the nearly $85.3 million deal, Monmouth touted the site’s location between New York City and Philadelphia and its ability to serve 10 percent of the U.S. population within a 75-mile radius and 33 percent within a two-hour drive. The property also offers quick access to the New Jersey Turnpike and interstates 195 and Interstate 295.
“We are extremely pleased to announce this new acquisition,” Michael P. Landy, CEO and president, said in a prepared statement, later adding: “We have strategically positioned many of our assets to benefit from the recently expanded Panama Canal and this acquisition will provide additional exposure to this proven concept.
“This location is only a half-hour drive from our corporate headquarters and represents one of the most concentrated consumer and business markets in the world.”
