NEW JERSEY—Monmouth Real Estate Investment Corporation, based in Freehold, N.J., has acquired 38401 Amrhein Road in Livonia, Mich. for $14.35 million.
Currently net-leased for 10 years to FedEx Ground Package System Inc., a Delaware corporation, 38401 Amrhein Road totals 172,005 sq. ft. and is situated on approximately 12 acres.
"This Class A industrial building was originally constructed for FedEx in 1999,” said Michael P. Landy, COO of Monmouth Real Estate. “The building was recently expanded resulting in a new 10 year lease. Due to its proximity to Detroit and Ann Arbor we view this as an integral facility for our tenant."