By Laura Calugar
Monmouth Real Estate Investment Corp. acquired a new, 298,472-square-foot industrial building in Kenton, Ohio, for $18.3 million. The property is net-leased for 10 years to global leader in the paper and packaging industry, International Paper Co.
Located at 2465 Fontaine St., the building is situated on 46 acres, approximately 28 miles south of Findlay, Ohio. The Class A distribution center has full rail access and is adjacent to one of International Paper’s largest manufacturing plants in the U.S.
“International Paper is a global leader in the paper and packaging industry. They are a founding member of the S&P 500. For several years International Paper has been an excellent tenant of ours at another facility, and we are very pleased to grow this relationship through this new acquisition,” said Monmouth Real Estate Investment Corp. President & CEO Michael Landy, in prepared remarks.
Founded in 1968, Monmouth Real Estate Investment Corp. is one of the oldest public equity REITs in the U.S. The company’s portfolio consists of 107 properties containing a total of approximately 18.6 million rentable square feet, spread across 30 states.