Freehold-based Monmouth Real Estate Investment Corp. announced Tuesday it has acquired a 298,472-square-foot industrial building located in Kenton, Ohio for $18.30 million.
The property, located at 2465 Fontaine St. and situated on approximately 46 acres, is net-lease for 10 years to International Paper Co., a New York corporation.
"We are very pleased to announce the acquisition of this new Class A distribution center. International Paper is a global leader in the paper and packaging industry. They are a founding member of the S&P 500. For several years International Paper has been an excellent tenant of ours at another facility and we are very pleased to grow this relationship through this new acquisition. This building has full rail access and is adjacent to one of their largest manufacturing plants in the nation,” Michael P. Landy, CEO and president, said.