The Real Deal Miami

Fedex hub in Fort Myers fetches $98 per square foot

Monmouth, a publicly held REIT, bought the industrial property for $21 million
January 08, 2017 03:30PM

14001 Jetport Loop, Fort Myers

Monmouth Real Estate Investment Corporation bought a new 213,672-square-foot industrial building located in Fort Myers for $21 million, or about $98 per square foot.

FedEx Ground Packaging System, Inc. has a 10-year lease on the building, which is located on about 22 acres of land at 14001 Jetport Loop in Fort Myers.

Michael P. Landy, president and chief executive officer of Monmouth, called the property “a mission-critical facility” for FedEx Ground in a prepared statement: “This brand new, built-to-suit property is located directly across from the Southwest Florida International Airport. This valuable land parcel contains ample acreage to provide for future expansion as needed.”

Freehold, New Jersey-based Monmouth is publicly held real estate investment trust (NYSE: MNR) specializing in single-tenant, net-leased industrial buildings.