Sam Zell makes a huge play into industrial real estate game
As demand and deliveries in industrial real estate continue to grow, it could be expected that more players will join the table. However, one veteran investor is looking to jump head first into the industrial sector by making a huge move on a well established east coast company.
According to Crain’s Chicago Business, billionaire Sam Zell is putting down upwards of $3.4 billion to acquire the New Jersey based Monmouth Real Estate Investment Corporation. Crain’s reports that the company currently owns and manages 24.5 million square feet of space over 120 different assets.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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Markets
BMO Capital analyst Frank Lee maintained a Hold rating on Monmouth Real Estate Investment (MNR – Research Report) today and set a price target of $18.00. The company’s shares closed last Wednesday at $18.30, close to its 52-week high of $18.86.
According to TipRanks.com, Lee is a 2-star analyst with an average return of 6.7% and a 78.6% success rate. Lee covers the Financial sector, focusing on stocks such as Franklin Street Properties, Hudson Pacific Properties, and American Finance.
Currently, the analyst consensus on Monmouth Real Estate Investment is a Moderate Buy with an average price target of $18.67.
The company has a one-year high of $18.86 and a one-year low of $10.83. Currently, Monmouth Real Estate Investment has an average volume of 377.5K.
Monmouth Real Estate Investment Stock Gives Every Indication Of Being Modestly Overvalued yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.