New Industrial Property Brings in $70 Per SF

RICHMOND, VA-In a deal valued at $4.1 million, or $68 per so, the 60,000-sf industrial structure at 2300 W. Moreland Ave., has been traded. Freehold, NJ-headquartered REIT Monmouth Capital Corp. acquired the new facility from the property’s developer, Georgia-based NP Richmond Realty LLC. The seller built the structure for Carrier Sales & Distribution LLC, which is the sole occupant of the building under a seven-year lease.

For Monmouth Capital, the acquisition marks the company’s entrée into the Virginia market. “This acquisition brings the total number of industrial properties owned by Monmouth Capital to five,” says company president Eugene W. Landy, “and we are confident that it will prove to be a strong addition to our portfolio of properties.”

Being able to boast full occupancy in Richmond’s industrial market these days is quite a coup; the vacancy rate among warehouse and distribution properties is 17.9%, according to Advantis Real Estate Services Co.’s Mid-Year 2004 Industrial Report.