Exhibit 99.1
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
BELL WORKS
101 CRAWFORDS CORNER ROAD
SUITE 1405
HOLMDEL, NEW JERSEY 07733
A Public REIT Since 1968
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| INTERNET: | | OFFICE: | | EMAIL: |
| www.mreic.reit | | (732) 577-9996 | | mreic@mreic.com |
| FOR IMMEDIATE RELEASE | March 30, 2020 |
| | Contact: Becky Coleridge 732-577-9996 |
MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN
THE COLUMBUS, OH MSA
Holmdel, New Jersey…. March 30, 2020……..Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 153,000 square foot industrial building located at 747 Mill Park Drive, Lancaster, OH at a purchase price of $17,874,148. The property is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International. The building is situated on approximately 24.5 acres.
Michael P. Landy, President and CEO, commented, “We are very pleased to add Magna to our all-star tenant roster. Reflecting the mission-critical nature of this project to both Magna and the Columbus economy, Vice-President Mike Pence attended the groundbreaking ceremony of this development on July 30th. We are very fortunate to have in Monmouth a company with a balance sheet and business model that can not only withstand these turbulent periods but can perform well throughout. We look forward to reporting additional high-quality acquisitions during the year.”
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 116 properties, containing a total of approximately 23 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.
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