Monmouth Real Estate Investment Corporation Announces New Acquisition
24 December 2009 - 6:06AM
PR Newswire (US)
FREEHOLD, N.J., Dec. 23 /PRNewswire-FirstCall/ -- Monmouth Real
Estate Investment Corporation (NASDAQ:MNRTA) has announced the
acquisition of a 91,295 square foot industrial building located in
Central Green Business Park at 16211 Air Center Boulevard, Harris
County, Houston, Texas, at a purchase price of approximately
$8,100,000. The property is net-leased through September 30, 2022
to National Oilwell DHT, L.P., a Delaware limited partnership, with
its parent company, National Oilwell Varco, Inc., a Delaware
corporation, guaranteeing the lease agreement. The building was
constructed in 2005. Darren Sides, Porthaven Partners LLC, acted as
broker to Monmouth in this transaction. Eugene W. Landy, President,
commented, "We are proud to include National Oilwell to our
portfolio of high-quality investment grade tenants. This
acquisition increases our gross leasable area to approximately 6.7
million square feet. Monmouth Real Estate has been actively growing
its portfolio of industrial properties that are net-leased on
long-term leases to investment grade tenants. We look forward to
continued growth in 2010." Monmouth Real Estate Investment
Corporation, which was organized in 1968, is a publicly-owned real
estate investment trust specializing in net-leased industrial
properties. The Company's equity portfolio now consists of sixty
industrial properties and one shopping center located in
twenty-five states. In addition, the Company owns a portfolio of
REIT securities. DATASOURCE: Monmouth Real Estate Investment
Corporation CONTACT: Susan Jordan, Monmouth Real Estate Investment
Corporation, +1-732-577-9996
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