Concord FedEx Ground Facility Sold


fedex ground logoMonmouth Real Estate Investment Corporation has announced the acquisition of a new 330,717 square foot industrial building located at 4690 Global Avenue NW, Concord, North Carolina. The property was acquired on Friday, November 13, 2015, at a purchase price of $31,975,897 and is net-leased for 10 years to FedEx Ground Package System, Inc., a Delaware corporation. The building is situated on approximately 59.4 acres.  The cap rate was not reported.

Michael P. Landy, President and CEO, commented, “We are very pleased to add this brand new Class A built-to-suit FedEx distribution center to our portfolio. This large 59.4 acre property is ideally situated right off of Interstate 85. The Charlotte MSA is a prime center for logistics and distribution facilities as well as the second largest banking center in the U.S. FedEx continues to experience substantial growth as a result of the on-going migration to e-Commerce.”

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