Banking & Finance and Real Estate

Industrial building sells for $32.1M

April 6, 2017
| By Pat Evans |
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FedEx Ground truck
Photo via wikimedia.org

An out-of-state real estate investment trust has purchased a leased industrial building in the area for $32.1 million.

Freehold, New Jersey-based Monmouth Real Estate Investment Corporation, or MREIC, said yesterday it purchased the 343,483-square-foot FedEx building in Walker, at 3466 Shippers Dr.

The building, which sits on 61 acres, is leased to FedEx Ground Packaging System for 15 years.

MREIC specializes in single-tenant industrial properties and has 101 properties and 16.9 million square feet in 30 states. The properties are 100 percent leased.

"Since the turn of the century, every year has resulted in a new record amount of ecommerce deliveries,” MREIC President and CEO Michael Landy said. “With the rise of ecommerce, each of our FedEx locations has become a highly coveted foothold for large businesses.

“Major retailers are drawn to our FedEx locations, so they can get their goods delivered to their customers as fast as possible. We are very pleased to add this large, brand-new FedEx Ground facility to our growing property portfolio.”

MREIC has multiple FedEx locations, as well as locations occupied by major brands, such as Kellogg’s, Anheuser-Busch and Coca-Cola.

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