HOUSTON – Monmouth Real Estate Investment Corp. bought a 114,923 SF industrial building and adjoining acreage near the new Exxon Mobil campus on the north side of Houston. The purchase price was $15,281,318. The building, leased to FedEx Ground, is located at 21200 Spring Plaza Drive, near the intersection of Interstate 45 and FM 2920 in the Spring community.
The building is situated on 17 acres and the site could accommodate approximately 80,000 additional SF of industrial development, Monmouth said.
Michael P. Landy, President and CEO of Freehold, N.J.-based Monmouth commented, “We are very pleased to announce the acquisition of this new built-to-suit distribution center for FedEx Ground. The property is situated right off the interstate and is less than one mile away from Exxon Mobil’s new world headquarters. Houston is one of our nation’s largest industrial markets and with the expansion of the Panama Canal scheduled to come on-line in 2015, we anticipate strong growth in shipments for the foreseeable future.”
Monmouth has acquired five properties with 1.1 million SF since Oct. 1.