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Monmouth (MNR) Adds New Industrial Property in Braselton


Recently, Monmouth Real Estate Investment Corporation MNR purchased a newly-developed industrial property situated at 650 Braselton Parkway, Braselton, GA. The 373,750-square-foot building, which is built on 93 acres, has been acquired for approximately $61 million.

Notably, this property has been net leased to FedEx Ground Packaging System, Inc., for a period of 15 years. FedEx Ground — a division of The FedEx Corporation FDX — is a leading North American provider of ground small-package delivery services in the United States and Canada.

The industrial property has potential for significant expansion and development because of ample acerage. Moreover, the purchase of this property seems to be a strategic fit because of its access to Interstate 85 as well as the Hartsfield-Jackson Atlanta International Airport. Also, the market is a thriving one with 6.6 million people living along the Atlanta-Athens corridor. As such, the property is expected to experience decent demand.

Notably, Monmouth has been aggressively expanding its industrial asset portfolio through a series of acquisitions. This August, the company purchased a property in Charleston, which is also net leased for 15 years to FedEx Ground Packaging System. Further, in June, it had purchased a property in Mobile, AL MSA, which is net leased for 11 years to Amazon Fulfillment Service.

Of late, demand for modern distribution facilities has been getting a significant boost as companies are compelled to enhance, and renovate their distribution and production platforms to support the e-commerce business, address a large customer base, and urbanization.

This is expected to shoot up demand for industrial space in the near future. Thus, Monmouth’s efforts to expand its portfolio of 111 properties, comprising around 21.2 million rentable square feet of area, across 30 states, will be conducive to the company’s growth, over the long run. Its focus on single-tenant, net-leased industrial properties, which are leased for the long term to mainly investment-grade tenants, augurs well for growth.

Shares of this Zacks Rank #3 (Hold) company have outperformed the industry over the past three months. While the stock has rallied 10.2%, the industry has grown 2.8% during the same time frame.

Key Picks

Investors can have a look at a few better-ranked stocks mentioned below:

Americold Realty Trust’s COLD Zacks Consensus Estimate for 2018 funds from operations (FFO) per share has been revised 3.6% upward over the last 30 days. Also, its shares have gained 14.1% in the past three months. The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Corrections Corp of America CXW carries a Zacks Rank of 2, at present. In the past 30 days, the Zacks Consensus Estimate for current-year FFO inched up 1.8%. Its shares have appreciated 16.4% in a year’s time.

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