August 30, 2016
Monmouth Real Estate Investment Corp. paid $31.7 million to Jones Development. In return, the New Jersey buyer received a new, 313,763-square-foot industrial/distribution center at 22525 W. 167th St. in Olathe, KS. The property is leased to FedEx Ground Packaging System Inc.
“Due to its central geographic location and intermodal infrastructure, the Kansas City MSA is highly desired by logistics companies,” said Michael P. Landy, Monmouth’s president and CEO. “Kansas City is the largest freight rail hub in the nation, and this market is expected to continue to experience strong demand for many years to come.”
The REIT has been on a buying spree this summer, having paid $37.8 million for a FedEx building in Florida, as well as shelling out $29 million for another FedEx distribution center in Colorado Springs.
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