Monmouth Makes $32M KC Metro Buy
The Olathe, Kan., distribution center was fully leased at the time of sale.
By Anca Gagiuc, Associate Editor
FedEx Ground Hub in Kansas City, Mo.
Kansas City, Mo.—In an approximately $31.7 million deal, Monmouth Real Estate Investment Corp. acquired a 313,763-square-foot industrial building at 22525 W. 167th St. in Olathe, Kan.
The property lies on 45 acres and is net-leased for 15 years to Delaware-based FedEx Ground Packaging System Inc.
“We are very pleased to announce the acquisition of this brand new Class A built-to-suit distribution center leased for 15 years to FedEx Ground. The 45-acre property is situated right off of Interstate 35 and is part of the Kansas City MSA. Due to its central geographic location and intermodal infrastructure, the Kansas City MSA is highly desired by logistics companies. Kansas City is the largest freight rail hub in the nation and this market is expected to continue to experience strong demand for many years to come,” stated Michael Landy, president & CEO of Monmouth.
Image courtesy of Excel Constructors
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