One Liberty Properties Adds to Industrial Property Portfolio With $13.4 Million Purchase
13 Julho 2023 - 5:10PM
One Liberty Properties, Inc. (NYSE: OLP), an owner and manager of a
primarily industrial portfolio along with other net leased assets
that are geographically diversified, today announced that it added
to its industrial property portfolio with the acquisition of a
177,040 square foot industrial distribution center located on 10.5
acres in a suburb of Columbia, South Carolina, for $13.4 million.
The price includes the assumption of $4.3 million of mortgage debt
with an interest rate of 4.6% and approximately six years of
remaining term to maturity.
The modern facility features concrete tilt-wall construction,
28-foot clear height, and shallow bay design. The Columbia
industrial market is comprised of 73 million square feet with an
approximate 4.5% vacancy rate. The facility is well-located ¼ mile
from Interstate 77, connecting Columbia to Charlotte, North
Carolina. The property is leased to two tenants, with one tenant
accounting for approximately 53% of the aggregate annual base rent.
The leases, with currently below-market rents, provide an aggregate
annual base rent of approximately $784,000, increasing
approximately 3% annually. As of July 1, 2023, the weighted average
remaining lease term is 1.6 years, which should present an
opportunity to raise the leases to market rents in the near
term.
Patrick J. Callan, Jr., President and Chief Executive Officer of
One Liberty, commented, “We are thrilled to add another
well-located industrial property in a growing market. The below
replacement cost purchase, favorable interest rate on the assumed
debt and below market rent, positions this property to contribute
to future cash flow growth. We remain committed to our thoughtful
and deliberate approach to growing our business by leveraging our
network of relationships and focusing on selectively adding
accretive assets. By continuing to execute on this strategy, we
believe that despite the uncertain economic climate, strong
properties will continue to perform and contribute to creating
long-term value for our stockholders.”
Forward Looking Statement:
Certain information contained in this press release, together
with other statements and information publicly disseminated by One
Liberty Properties, Inc. is forward looking within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended. One
Liberty intends such forward looking statements to be covered by
the safe harbor provision for forward looking statements contained
in the Private Securities Litigation Reform Act of 1995 and include
this statement for the purpose of complying with these safe harbor
provisions. Factors that could cause actual outcomes or other
events to differ materially from any such forward looking
statements appear in the Company's Annual Report on Form 10-K for
the year ended December 31, 2022 and the Quarterly Reports on Form
10-Q filed thereafter and in particular, the sections of such
reports entitled “Risk Factors” and “Management Discussion and
Analysis of Financial Condition and Results of Operations.” You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors which are,
in some cases, beyond our control and which could materially affect
actual results, performance or achievements.
About One Liberty Properties:
One Liberty is a self-administered and
self-managed real estate investment trust incorporated in Maryland
in 1982. The Company acquires, owns and manages a geographically
diversified portfolio consisting primarily of industrial
properties. Many of these properties are subject to long-term net
leases under which the tenant is typically responsible for real
estate taxes, insurance and ordinary maintenance and repairs.
Contact:One Liberty PropertiesInvestor
RelationsPhone: (516) 466-3100www.onelibertyproperties.com
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