Monmouth Real Estate buys industrial building in Daytona Beach for $30m

Florida real estate news : Monmouth Real Estate Investment has acquired a brand new 399,440 square foot industrial building in Daytona Beach in Florida for about $30.7 million.

Built on nearly 27.5 acres, the industrial building at 1341 N. Clyde Morris Boulevard has been net-leased for 10 years to Pennsylvania-based medical device company B. Braun Medical, said the New Jersey-based real estate investment trust (REIT).

Braun Medical is a subsidiary of German medical device manufacturer B. Braun which manufactures and sells a variety of healthcare products across the world.

For Monmouth Real Estate Investment, it is the fourth acquisition in fiscal 2018, buying 1.7 million square feet of space for a total of $140 million.

Illustration of B. Braun Medical facility in Dayton Beach, Florida. (Photo courtesy of PRNewsfoto/Monmouth Real Estate Investment)

Commenting on the acquisition of the industrial building in Daytona Beach, Michael P. Landy – President and CEO of Monmouth Real Estate Investment, said: “This built-to-suit property is ideally situated near the Daytona Beach International Airport and Interstate 4.”

Landy added: “They (B. Braun Medical) have a new manufacturing facility in very close proximity to our distribution facility. The Florida economy consistently ranks as one of our nation’s strongest. With approximately 10% of our property portfolio located here in the Sunshine State, we remain optimistic about our long-term growth potential.”

Established in 1968, Monmouth Real Estate Investment is among the oldest public equity REITs in the United States.

The real estate investment trust, which has a portfolio of 110 properties in 30 US states, provides single tenant, industrial properties for long-term leases, mainly to investment-grade tenants.

For more Florida real estate news and updates on Monmouth Real Estate Investment and B. Braun Medical, keep following Business-News-Today.com.