{"id":1004500954,"date":"2020-12-21T05:23:17","date_gmt":"2020-12-21T13:23:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004500954"},"modified":"2020-12-21T05:23:17","modified_gmt":"2020-12-21T13:23:17","slug":"fedex-warehouse-commands-73m-in-columbus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fedex-warehouse-commands-73m-in-columbus\/","title":{"rendered":"FedEx Warehouse Commands $73M in Columbus"},"content":{"rendered":"<div id=\"attachment_1004500963\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004500963\" data-attachment-id=\"1004500963\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fedex-warehouse-commands-73m-in-columbus\/fedex-facility-interior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 2018 J.B.Pittman&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"FedEx facility interior\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Image courtesy of FedEx&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg?w=800\" class=\"wp-image-1004500963 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/FedEx-facility-interior.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004500963\" class=\"wp-caption-text\"><em>Image courtesy of FedEx<\/em><\/p><\/div>\n<p>Monmouth Real Estate Investment Corp. <a href=\"https:\/\/www.commercialsearch.com\/news\/newly-built-ohio-facility-trades-for-18m\/\">has expanded its footprint<\/a> in metropolitan Columbus, Ohio, with the acquisition of the brand-new industrial facility at 8341 Industrial Parkway in Plain City. Monmouth acquired the approximately 488,000-square-foot property, which is fully leased to FedEx Ground, from 42 Real Estate in a transaction valued at $73.3 million.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/how-automation-will-fill-supply-chain-gaps-report\/\">How Automation Will Fill Supply Chain Gaps: Report<\/a><\/p>\n<hr>\n<p>Located roughly 20 miles north of Columbus, 8341 Industrial delivered early in the fourth quarter of 2020 as a build-to-suit project constructed for FedEx by 42 Real Estate. &#8220;We came to agreement on that [Plain City] deal over two years ago, so we locked that in before a lot of this continued cap rate compression,&#8221; Michael Landy, CEO of Monmouth Real Estate Investment Corp., said during the company&#8217;s fiscal year-end 2020 earnings conference call on November 24.<\/p>\n<p>Acting through its subsidiary, 42 Columbus LP, 42 Real Estate had acquired the land to develop 8341 Industrial for roughly $10.5 million in June 2019, according to Union County records. At 100 acres, the site provides ample opportunity for expansion. FedEx occupies the property under a 15-year lease agreement.<\/p>\n<h2><strong>Ohio on radar<\/strong><\/h2>\n<p>The industrial sector in the Greater Columbus area is faring relatively well, fundamentals suggest. Year-over-year absorption climbed from roughly 1.7 million square feet to 3.4 million square feet in the third quarter of 2020 and the average triple-net asking rate increased from $4.07 to $4.22 per square foot, according to a report by Lee &amp; Associates. Additionally, a bevy of new projects currently analyzing their market options serves as positive indication of the Columbus area&#8217;s resilience. Investors are taking note. &#8220;The strength of investor interest and demand will also be on display as premier properties are put on the sales block in the near term,&#8221; according to the Lee &amp; Associates report. &#8220;Even through this unprecedented year, it is a great time to be an industrial owner, especially with the competitive advantages this region has to offer.&#8221;<\/p>\n<p>Monmouth&#8217;s acquisition of 8341 Industrial came nine months after the public equity REIT purchased a newly constructed industrial facility totaling 153,000 square feet outside Columbus in Lancaster. The nearly 25-acre property is 100 percent net leased to Magna Seating of America Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monmouth Real Estate Investment Corp. is the new owner of the recently completed build-to-suit project. <\/p>\n","protected":false},"author":969,"featured_media":1004500963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1585,21743,21748,21783,13,21742],"tags":[32762,34865,33340],"class_list":["post-1004500954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columbus","category-deals","category-industrial","category-investment","category-midwest","category-latest","tag-lee-associates","tag-michael-landy","tag-monmouth-real-estate-investment-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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