New Jersey investment firm buys industrial building for $16.2M

OLIVE BRANCH — Monmouth Real Estate Investment Corporation of Freehold, N.J., has acquired a 234,660-square-foot industrial building located at 8644 Polk Lane, Olive Branch, at a purchase price of $16.2 million.

The property is net-leased for 10 years to Anda Pharmaceuticals Inc., a distribution division of Watson Pharmaceuticals Inc.

The building is situated on approximately 12.3 acres. It is a brand new construction by Industrial Developments International (IDI).

Michael P. Landy, COO of Monmouth, said, “Anda is the fourth largest U.S. distributor of generic pharmaceuticals. This brand new, Class A industrial building is well located at a new industrial park and is part of the Memphis market. Anda moved to this new built-to-suit facility to be near one of Monmouth’s FedEx buildings that specializes in critical supply chain services. This makes this acquisition an excellent and natural fit for our portfolio. We look forward to building a strong, long-term relationship with Anda and Watson.

“This LEED-qualified building, constructed by IDI, also represents a new and exciting relationship for Monmouth. IDI is a well-established real estate developer focused exclusively on superior quality industrial property. We anticipate that this will be the first of many acquisitions with IDI.”