Monmouth Real Estate Investment Corp. paid $28.85 million for a newly built industrial property in Colorado Springs.
Monmouth, one of the oldest public equity real estate investment trusts in the United States, purchased the 225,362-square-foot building at 125 N. Troy Hill Road, southeast of Powers Boulevard and Bijou Street. The property is net leased for 10 years to FedEx Ground Packaging System Inc. It sits on a 27.4-acre site.
“This new Class A build-to-suit distribution center is situated directly across from the Colorado Springs Airport and is in close proximity to Interstate 25,” Michael P. Landy, president and CEO of Monmouth said in a release. The transaction marks the REIT’s fifth acquisition for fiscal 2016 and with the purchase, its property portfolio contains 15 million rentable sf in 96 properties located across 30 states.
Calls to the buyer for additional information regarding the sale were not returned.
