Monmouth Real Estate Investment Corp. has acquired a new 175,315-square-foot industrial building in Covington.

The New Jersey-based investment firm purchased the property at 450 Northpointe Court for $18.41 million.

The property is on 19.2 acres and is net-leased for a decade to FedEx Ground Packaging System Inc.

Michael Landy, Monmouth’s president and CEO, said Louisiana marks a new territory for the firm, which has property in 29 states.

“We are very pleased to add this brand new Class A built-to-suit FedEx Ground distribution center to our portfolio,” Landy said.