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Monmouth Real Estate closes $8.9M industrial purchase

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Freehold-based Monmouth Real Estate Investment Corp. announced today it has closed on the acquisition of a 122,522-square-foot industrial building in Pa. at a purchase price of $8,990,000.

According to the announcement, the property, located at 231 Theater Drive, in Allegheny Township, is net-leased for 10 years to FedEx. The building is situated on approximately 14 acres.

"With this transaction, Monmouth has acquired four properties totaling approximately 1,007,000 square feet in the past two weeks at an aggregate cost of $58,579,441," said Monmouth CEO Michael P. Landy in a statement.

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