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COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.