A REIT with a real love for FedEx is helping the package shipper expand its small package delivery facility in Ft. Myers.
Monmouth Real Estate Investment's Michael Landy recently told stock analysts that FedEx has agreed to an eight-month renewal at its 88k SF small package facility (above) while Monmouth develops a larger 214k SF project near the Fort Myers International Airport.
In turn, Michael says Monmouth will purchase the facility once it delivers, complete with a 10-year lease with FedEx in tow. Details on the new project were not disclosed in the call. But this is the latest in Monmouth's efforts to beef up on industrial facilities leased to FedEx.
In the call, Monmouth's Kevin Miller disclosed that the REIT also purchased a 311k SF FedEx distribution hub in Orlando for $37.8M.
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