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VANCE, ALA. — Holmdel, N.J.-based Monmouth Real Estate Investment Corp. has acquired a 530,000-square-foot distribution center in Vance for $51.7 million. The seller was not disclosed.
The distribution center is net-leased for 10 years to automobile giant Mercedes-Benz U.S. International Inc. The building will serve Mercedes-Benz’s new electric vehicle assembly line. Located at 11146 Will Walker Road on approximately 53.5 acres, the property is situated 37.3 miles from Birmingham and 21.3 miles from Tuscaloosa.
Monmouth specializes in single tenant, net-leased industrial properties. The firm’s portfolio includes 124 properties with a total of approximately 25.7 million rentable square feet and an occupancy rate of 99.7 percent.