Please ensure Javascript is enabled for purposes of website accessibility

Monmouth Real Estate Announces Sale of Teterboro Property

Company expects Hollister Corporate Park in Teterboro to be sold to a New York-based real estate investment company for $13.80 million.Freehold”s Monmouth Real Estate Investment (Nasdaq: MNRTA), a 25% equity partner in Hollister ”97, a New Jersey limited liability company, said Friday it expects Hollister Corporate Park in Teterboro to be sold to a New York-based real estate investment company for $13.80 million.

The corporate park, in which AT&T Wireless is a tenant, was originally purchased by Hollister ”97 in June of 1997.

Monmouth”s investment in Hollister ”97 totals $900,000. It will receive approximately $2.15 million from the sale of the property, which is expected to take place within the next few weeks.

Simultaneous with the sale, Monmouth will withdraw from Hollister ”97.

At the close of trading, shares of Monmouth Real Estate Investment were down $0.01 to $8.19.