Monmouth Real Estate Investment Corp. rejected Blackwells Capital LLC's $18-per-share takeover offer for the single-tenant, net-lease industrial real estate investment trust and resolved to evaluate strategic alternatives instead.

The REIT said Blackwells' nonbinding, unsolicited and conditional proposal is not in the best interest of the company.

Monmouth's board aims to consider the full range of available alternatives, including a possible sale or merger.

In connection with the move, the REIT suspended its dividend reinvestment and stock purchase plan, with immediate effect.

Venable LLP is legal counsel to the REIT, while CS Capital Advisors and J.P. Morgan are its financial advisers.