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Monmouth Real Estate Acquires Northport Commerce Center for $57.5M

Clayco Sells 832,000-SF Industrial Bldg in Savannah
January 24, 2018
Monmouth Real Estate Investment Corp. (NYSE: MNR), a Freehold, NJ-based public equity REIT specializing in single tenant, net-leased industrial properties, acquired the Northport Commerce Center in Savannah, GA from Clayco, Inc. for $57.48 million, or approximately $69 per square foot.

The entire 831,764-square-foot industrial facility is occupied by Shaw Industries, Inc., a wholly-owned Berkshire Hathaway subsidiary that manufactures and supplies flooring, on a 10-year, net-lease basis. Northport Commerce Center, which delivered in the third quarter of 2017, boasts more than 176 loading docks with four drive-in bays and a 36-foot clear height.

Michael P. Landy, president and CEO of Monmouth Real Estate, noted the asset’s location near the Port of Savannah was a key motivator for the company to acquire the property.

“The Port of Savannah is the fourth largest port in the U.S. and is the fastest growing port in North America,” said Landy. “The Port of Savannah has already benefited from increased market share as a direct result of the recently expanded Panama Canal."

In addition to its close proximity to the Port of Savannah, the Northport Commerce Center, located at 590 Northport Parkway, is accessible by Interstate 95 via O’Leary Rd. and Augusta Rd.

Please see CoStar COMPS #4114494 for more information on this transaction.
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