Monmouth Real Estate Investment Corp. has acquired a newly built 153,000-square-foot industrial facility in Lancaster, Ohio, for $17.9 million. SunCap Property Group sold the asset, according to Fairfield County records. Magna Seating of America, a subsidiary of Magna International, has signed a 10-year net lease for the building.
The developer broke ground on the building eight months ago. First Commonwealth Bank provided an $11.7 million construction loan, public records show. Magna’s initial investment for the property was $60 million. This marks the company’s fifth manufacturing facility in the state. Located at 747 Mill Park Drive, the property sits on roughly 25 acres, close to U.S. Route 33. Downtown Columbus is some 28 miles away, while Rickenbacker International Airport is 20 miles from the facility.
This is not the first time Monmouth acquired a SunCap property. In 2018, the REIT paid $61.1 million for a 373,750-square-foot industrial asset in Atlanta. That facility is net leased to FedEx for 15 years.