Monmouth Real Estate Investment Corporation MNR recently enhanced its portfolio with the acquisition of a 63,840-square foot industrial building at Regina Graeter Way in Cincinnati, OH for around $6.8 million.
The property has been net-leased for 15 years to The American Bottling Company, and the lease is guaranteed by its parent company, Dr Pepper Snapple Group, Inc. Considering this, the acquisition comes as a strategic fit for Monmouth Real Estate, and would likely ensure a steady rental over the long term.
Moreover, this built-to-suit facility is located right beside Interstate 75. Further, of late, the Cincinnati region has recorded robust overall growth on the back of strong manufacturing activities. The latest acquisition is expected to bolster the company’s already strong presence in this strategic market.
Specializing in net leased industrial assets, Monmouth Real Estate’s portfolio comprises 91 properties across 28 states. These properties span around 14 million rentable square feet.
Monmouth Real Estate currently has a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR, Iron Mountain Incorporated IRM and Ashford Hospitality Prime, Inc. AHP. While both CoreSite Realty and Iron Mountain Incorporated sport a Zacks Rank #1 (Strong Buy), Ashford Hospitality holds a Zacks Rank #2 (Buy).
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