Monmouth Real Estate Investment Corporation of Holmdel, New Jersey announced the purchase of a Locust Grove distribution center. The sale — reported on December 24 — had a purchase price of $96.7 million. The 657,518 square foot building is located at 3150 Highway 42.
Home Depot U.S.A., Inc. leased the building for twenty years. The company opened their new distribution center at the site. Final construction, including a new traffic light at SR 42 and Colvin Drive, is in progress. GDOT must inspect the new signal prior to its activation.
The purchase consists of approximately 130 acres. The Home Depot distribution center includes expansive trailer parking space. Not included within the purchase is the adjacent building. The adjacent building, located closest to I-75, is home to Radial, Inc. Other leasing space remains presently available.
Michael P. Landy, President and CEO of Monmouth Real Estate, commented, “We are very pleased to announce this high-quality acquisition. A common misconception is that all industrial real estate provides a linkage to the digital economy, but in fact, a new type of industrial real estate has been designed specifically to serve the computer-driven supply chain. These smart, highly-automated facilities are uniquely equipped to handle omni-channel distribution.”
Monmouth Real Estate specializes in single-tenant industrial properties, subject to long-term leases. Their property portfolio consists of 121 properties, containing a total of approximately 24.5 million rentable square feet. They are geographically diversified across thirty-one states.
Locust Grove Industrial Space
New industrial space in Locust Grove is a rapidly-growing sector. The Gardner Logistics Park includes property off both Georgia 42 and Colvin Drive. A new Love’s tire retread plant is under construction. Other buildings next to Love’s will follow afterwards.
A leasing package emerged this year for another new project off Colvin Drive. The 371,750 sq ft building will be located north of the old Smead plant — currently leased by Georgia-based distribution company Warehouse Basics. Construction will occur in 2021.
On the other side of I-75, ClayCo completed a one-million square foot building in 2017. The 343-acre development is also planning five more warehouses. Altogether, plans include 4.3 million square feet of industrial space. The project is located off Price Drive.
Portions of this article were copied from the company’s press release.
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