NEW JERSEY—Monmouth Real Estate Investment Corporation has acquired a 102,594-sq.-ft. industrial building located at 685 Alliance Parkway in Waco, Texas for $8.733 million. The property is net-leased for 10 years to FedEx Ground Package System Inc.

Situated on approximately 17 acres with expansion opportunity, the building is new construction by Jones Development Company.

With this acquisition, Monmouth Real Estate Investment Corporation has a portfolio comprised of 72 properties containing a total of 8.5 million sq. ft. in 26 states.

Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly owned real estate investment trust specializing in net-leased industrial properties subject to long-term leases primarily to investment grade tenants.