Sep
21

Charlotte Industrial Building Sold for $56/sf

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sold_sign65A 160,000-square-foot industrial building located in Monroe, owned by Monmouth Real Estate Investment Corp., was recently sold for $9 million. The property’s buyer is Charlotte Pipe and Foundry Co., the tenant of the industrial building.

“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,” said Michael P. Landy, president & CEO of Monmouth.

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