Monmouth Real Estate Investment Corporation, a real estate investment trust since 1968 announced its acquirement of a 66,387 square feet industrial building. The property is situated at 4472 Technology Drive in Rockford Industrial Park at Winnebago County, Rockford, Illinois.
The industrial building was net-leased until the 31st of December 2023 to Sherwin-Williams, which is guaranteed by an Ohio corporation, Sherwin-Williams Company.
The original structure of the industrial building was erected in 1998, with additional building structures that virtually double the square footage, which was constructed in 2008.
President of Monmouth Real Estate Investment Corporation Eugene W. Landy said that the company is very happy to announce its recent industrial building acquisition, which they considered as an additional prime quality acquisition to the company’s growing portfolio.
Monmouth Real Estate Investment Corp had also acquired other facility of Sherwin-Williams last 1997 in Burr Ridge, Illinois.
The company’s recently acquired industrial building is situated in near the Rockford International Airport in Illinois, and with this recent addition to its portfolio, Monmouth net-rental area is now more or less 7.4 million square feet.
Monmouth Real Estate Investment Corporation invest in net-leased industrial buildings which have long-standing contract agreement to class A grade tenants including Caterpillar Logistics Systems, FedEx, Coca Cola, Anheuser-Busch, Mead Paper, Western Container, and Keeber/Kelloggs. Monmouth also owns REIT securities portfolio and have a booming dividend reinvestment arrangement, which generates extensive capital and liquidity resources.
According to the company the industrial building deal was brokered by Porthaven Partners LLC’s principal Darren Sides, and is still capable for further expansion and purchased for $5,850,000.