One Liberty Properties Acquires 637,633 Square Foot Industrial Portfolio
One Liberty Properties announced it has acquired a 637,633 square foot portfolio of ten industrial properties, below replacement cost. The ten-property portfolio is 100% leased to six tenants. The average in place rent is below market. OLP financed the acquisition with a $17M mortgage on six properties, and an approximately $30M borrowing under its $100M credit facility. The 7.5-year mortgage bears interest at a fixed rate of 5.53%. The credit facility bears a current floating interest rate of 5.45%. OLP anticipates obtaining additional financing on two other properties in the portfolio and using the net proceeds to pay down the credit facility. The properties are situated in seven distribution markets of Greensboro, North Carolina, Columbia, South Carolina, Birmingham, Alabama, Omaha, Nebraska, Oklahoma City, Oklahoma, Salt Lake City, Utah and Jackson, Mississippi. The single-tenant buildings have an average size of 64,000 square feet, average construction year of 2004, average clear height exceeding 24 feet.
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One Liberty Acquires 397,440 Sq Ft Industrial Property for $53.5 Million
- Acquisition Completed: One Liberty Properties has finalized the acquisition of a 397,440 square foot multi-tenant industrial property in Sewickley, Pennsylvania, for $53.5 million, marking a continued expansion in the industrial property sector.
- Strong Leasing Situation: The property is currently 93% leased to tenants including Amazon and Linde Gas, a Fortune Global 2000 company, generating an annual base rent of approximately $3.4 million, with potential for future rent growth as vacancies are filled and leases expire.
- Optimized Financing Structure: The acquisition was financed through cash and a seven-year $32.4 million mortgage at an interest rate of 5.45%, with the first five years being interest-only, followed by a 30-year amortization schedule, reducing short-term financial pressure.
- Accelerated Strategic Transformation: Year-to-date, One Liberty has completed over $188 million in transactions, exceeding its average acquisition pace from the previous five years by more than five times, indicating a significant inflection point in the company's industrial-focused transformation strategy.
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