By Adelina Osan, Associate Editor
Monmouth Real Estate Investment Corp. recently announced a new lease agreement with Victory Packaging LP, a subsidiary of KapStone Paper and Packaging Corp. Victory will occupy a 148,000 square foot building located in Fayetteville.
MREIC and Victory have agreed upon a 5.25 year lease agreement commencing on December 1, 2015, with an initial annual rent of $469,160, representing $3.17 per square foot.
“We are very pleased to add Victory Packaging to our high-quality tenant base. Having recently been acquired by KapStone, the company plans to grow their packaging and distribution business going forward,” said Richard Molke, vice president of asset management, in a prepared statement. “Victory Packaging has been in the Fayetteville market since 2003 and our building will provide them with capacity for growth in the Fayetteville area,” added Molke.
The lease agreement increases MREIC’s current occupancy rate from 97.7 percent to 98.7 percent for a total of 14 million rentable square feet.