Rockford, Illinois - Net Lease Properties information comes from Illinois, the land of Lincoln. A Commercial Real Estate Investment Group acquired a 66,387 square foot net-leased industrial building. The Company is Monmouth Real Estate Investment Corporation. Monmouth Real Estate Investment Corporation was organized in 1968, and is a publicly-owned real estate investment trust (REIT). Monmouth Real Estate Investment Corporation specializes in net-leased industrial properties. The Company's Investment Property Portfolio now consists of sixty-three industrial properties and one Retail Shopping Center located in twenty-five states. Commercial Real Estate Investment Group also owns a portfolio of REIT securities.
This net-leased industrial building is located in the Rockford Industrial Park in Rockford, Illinois. This Net Lease Property was purchased for approximately USD 5,850,000. This Investment Property is net-leased through 31 December 2023 to Sherwin-Williams and guaranteed by the Sherwin-Williams Company, an Ohio corporation.
The Net Lease Property was constructed in 1998, with an addition nearly doubling the square footage built in 2008. The People of Monmouth seem very pleased to purchase this Net Lease Investment with a high quality Tenant Sherwin-Williams Company. This Commercial Real Estate Investment Group has expanded their Investment Property Portfolio combining with another Sherwin-Williams facility in Burr Ridge, Illinois, purchased by Monmouth in 1997.
This Net Leased Property is located in close proximity to Rockford International Airport. The net-leased industrial building also has (Value added) expansion capabilities. A growing number of Commercial Real Estate investors are purchasing value-added opportunities, either by repositioning existing assets or undertaking new development. This approach could generate big yields, with acquisitions of gross rentable area to offer more income.
This Commercial Real Estate Investment Group also recently purchased another Net Lease Property. Monmouth Real Estate Investment Corporation (NYSE: MNR) purchased a 381,240 square foot industrial building. This Net Lease Investment is located in the South Perimeter Industrial Park. The Investment Property has an address of 900 Hutchinson Place, Wilson County, Lebanon, Tennessee. Lebanon, Tennessee is about 24 Miles east from the Nashville International Airport (BNA) in Nashville.
This second Net Lease Property was purchased for approximately $14,500,000. The Investment Property is net-leased through June 30, 2024 to CBOCS Distribution, Inc. CBOCS Distribution, Inc.is a subsidiary of Cracker Barrel Old Country Store, Inc., a Tennessee corporation. CBOCS Distribution, Inc.is a subsidiary of Cracker Barrel Old Country Store, Inc., a Tennessee corporation will guarantee the lease agreement. Reportedly, the average annual rent over the remaining term of the lease is $3.58 per square foot.
This Tennessee Investment Property was constructed in 1993. This Investment Property is Cracker Barrel's only retail distribution center and services all of its 600 country stores. This Net Leased Property is located near their corporate headquarters and is secured by a triple net lease with 13.5 years remaining. This 35-acre property is also a Value Added Property that can expanded by over 100,000 square feet. This is another excellent fit for the Monmouth Real Estate Investment Corporation (NYSE: MNR) high quality Investment Property Portfolio.
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