{"id":1004127862,"date":"2015-09-21T06:56:03","date_gmt":"2015-09-21T14:56:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=361398"},"modified":"2021-05-10T03:00:20","modified_gmt":"2021-05-10T11:00:20","slug":"monmouth-sells-north-carolina-industrial-property-for-9m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/monmouth-sells-north-carolina-industrial-property-for-9m\/","title":{"rendered":"Monmouth Sells North Carolina Industrial Property for $9M"},"content":{"rendered":"<p><em>By Adelina Osan, Associate Editor<\/em><\/p>\n<p>A 160,000-square-foot industrial building located in Monroe, owned by <a href=\"https:\/\/www.mreic.com\/\" rel=\"nofollow\">Monmouth Real Estate Investment Corp.<\/a>, was recently sold for $9 million. The property\u2019s buyer is <a href=\"https:\/\/www.charlottepipe.com\/\" rel=\"nofollow\" >Charlotte Pipe and Foundry Co.<\/a>, the tenant of the industrial building.<\/p>\n<div id=\"attachment_361401\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Charlotte-Pipe-and-Foundry-Co..jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-361401\" title=\"Charlotte Pipe and Foundry Co.\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Charlotte-Pipe-and-Foundry-Co..jpg\" alt=\"Charlotte Pipe and Foundry Co.\" width=\"300\" height=\"197\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Charlotte Pipe and Foundry Co.<\/p>\n<\/div>\n<p>&#8220;We are pleased to announce the sale of our Monroe, North Carolina facility to our Tenant, Charlotte Pipe and Foundry. Our net sales proceeds of $8.8 million less our current carrying book value of $3.8 million will result in a realized gain of $5.0 million representing a 57 percent gain over our original cost basis and a 132 percent gain over our current depreciated GAAP basis,\u201d said Michael P. Landy, president &amp; CEO of Monmouth.<\/p>\n<p>Monmouth acquired the property in 2001 and it has a historic cost basis of $5.6 million and a current net book value of $3.8 million. The company plans to redeploy the capital generated from this disposition into our large acquisition pipeline, which currently stands at 2.7 million square feet of new built-to-suit properties currently under construction.<\/p>\n<p>Monmouth\u2019s 13.8 million square foot portfolio of single-tenant net-leased industrial properties has a current occupancy rate of 97.6 percent.<\/p>\n<p><em>Image credits: Google Earth<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monmouth Real Estate Investment Corp. recently sold its Monroe industrial facility for $9 million.<\/p>\n","protected":false},"author":735,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[682],"class_list":["post-1004127862","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She joined the team in 2015 as associate editor and covered commercial, residential and student housing news assignments. 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