WALKER — A Freehold, N.J.-based Real Estate Investment Trust (REIT) has acquired a light industrial building in northwest Kent County in a $32 million sale-leaseback deal.
Monmouth Real Estate Investment Corp. acquired the approximately 340,000-square-foot FedEx Ground Packaging System Inc. facility located at 3466 Shippers Dr. in Walker. Monmouth said it will lease the building back to the Memphis, Tenn.-based shipping giant for at least 15 years.
Monmouth President & CEO Michael Landy credits the ongoing growth of e-commerce with the FedEx Ground distribution center acquisition.
“Since the turn of the century, every year has resulted in a new record amount of e-commerce deliveries,” Landy said in a statement. “With the rise of ecommerce, each of our FedEx locations has become a highly-coveted foothold for large businesses. Major retailers are drawn to our FedEx locations so they can get their goods delivered to their customers as fast as possible. We are very pleased to add this large, brand-new FedEx Ground facility to our growing property portfolio. Our 101 total properties, comprising 16.9 million square feet, remain 100% occupied.”
The FedEx Ground distribution center sits in the 230-acre Walker View industrial park near the Walker Avenue and I-96 interchange. The industrial park is being developed by a subsidiary of Rockford Construction Company Inc.
Executives with the Grand Rapids-based general contracting and development firm have previously told MiBiz they anticipate building more industrial facilities on the site, and that hotels, restaurants and retail are also possible.