Monmouth Real Estate Investment Corp. has acquired a 46,260-square-foot industrial building in Tulsa for $3.7 million.
Located at 2800 North Garnett Road on a 7.3-acres site, the property is net-leased for 15 years to The American Bottling Co., an affiliate of Dr Pepper Snapple Group Inc. Ten and a half years remain on the lease.
Michael Landy, Monmouth’s president and CEO, said in a statement: “We are very pleased to welcome Dr Pepper Snapple Group to our roster of high quality tenants. Dr Pepper Snapple Group is a leading manufacturer and distributor of non-alcoholic beverages in the U.S., Mexico, and Canada. In addition to Dr Pepper and Snapple, their brands include Mott’s, Canada Dry, A&W, Schweppes, Sunkist, RC Cola, Hawaiian Punch, Seven Up, Yoo-Hoo, and others. This Class A, built-to-suit distribution center is located at the Tulsa International Airport and has expansion capabilities.”
Founded in 1968, Monmouth specializes in industrial properties that are net leased to investment-grade tenants. The company’s owns a 9.6 million-square-foot portfolio of 76 industrial properties and one retail center in 26 states.
Monmouth Real Estate Investment Corp. logo: www.mreic.com