Monmouth Real Estate Investment Corporation acquires a 381,240 square feet industrial building that is located the situated in Wilson County’s 900 Hutchinson Place in South Perimeter Industrial Park, Lebanon, Tennessee. The company purchased the industrial building for about $14,500,000. The industrial building is net-leased to Cracker Barrel Old Country Store Distribution Inc, an affiliate of a Tennessee corporation Cracker Barrel Old Country Store Inc that warranties the rental agreement.
The property’s annual average lease for the remaining period of the rental agreement is $3.58 per square feet. The industrial building was built way back in 1993.
The broker to MREIC for this deal is Brad Pepin, of Stan Johnson Company.
President of Monmouth Real Estate Investment Corporation, Eugene W. Landy said that his company is quite delighted with its latest acquisition, and this industrial building is the only services and retail distribution hub of a total of Cracker Barrel’s 600 stores.
Landy also said that this property is situated near the company’s business headquarters and it is protected by the triple remaining lease from Cracker Barrel with remaining 13.5 years.
The industrial building comes with 35-acre surrounding area is flexible by more than 100,000 square feet. Landy also added that this acquisition is excellent for his company’s above average portfolio.
Organized in 1968, Monmouth Real Estate Investment Corp is a state-owned REIT that specializes in net-leased business properties. The Company also holds a portfolio of real estate investment trust securities.
The Monmouth’s business portfolio at the present includes 63 industrial properties including this recent industrial building acquisition, plus a shopping center situated in 25 states.