Monmouth RE Investment Corp. announces acquisition
IMPERIAL, PA — Monmouth Real Estate Investment Corporation announced the acquisition of a brand new 125,860 s/f built-to-suit industrial building, located at 101 N. Campus Dr., Imperial, PA at a purchase price of $20,032,864. The property is net-leased for 10 years to General Electric Company (GE), a New York corporation. The class A industrial building is situated on approximately 34.1 acres and is expandable by an additional 90,000 s/f. Michael Landy, president and CEO, said, "We are extremely proud to welcome GE to our high-quality tenant roster. GE has been in business since 1892 and they are one of the world's largest companies. Our new class A facility is of vital importance to GE as it will serve as their Global Research Center for Additive Manufacturing. This state of the art research and development facility is three miles from the Pittsburgh International Airport and is expandable by 90,000 s/f."