FREEHOLD, N.J. , Dec. 21, 2011 /PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE:MNR - News) today announced the acquisition on December 20, 2011 , of a 51,200 square foot industrial building located at 4170 Columbia Road, Lebanon, Ohio , at a purchase price of $5.1 million . The property is net-leased for 7.5 years to Siemens Real Estate, a division of Siemens AG.
The building is situated on approximately 5.3 acres and has expansion capabilities. This is a brand new construction by Crescent Development.
Michael P. Landy , COO, commented, "We are very pleased to add this A+ rated tenant to our high quality roster. Siemens has been in this area for over 40 years and needed a modern facility. This facility is well located with excellent interstate highway access. We look forward to building a strong long-term relationship with Siemens as we enjoy with our other tenants."
Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly owned real estate investment trust specializing in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The Company's property portfolio consists of sixty-eight industrial properties and one shopping center located in twenty-five states. In addition, the Company owns a portfolio of REIT securities.
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