24 Hour Local Real Estate News

One Liberty Closes on Four Properties Nationwide

GREAT NECK, NY-One Liberty Properties, Inc. has closed on four acquisitions—spread around the country—for $54.1 million. One Liberty completed the previously announced the $39.2 million acquisition of an approximately 700,000 square foot industrial facility, located in Fort Mill, SC and leased through April 2029 to Northern Tool & Equipment Company, Inc. and affiliates.

The purchase price includes approximately $27.3 million of mortgage debt with an annual interest rate of 4.875% and maturing in April 2029. The company closed on an approximately 125,600 square foot distribution facility located in Indianapolis, IN for approximately $9.27 million. The property is leased by Federal Express Corp. for a term which expires in February 2023.

Meanwhile, the company completed the acquisitions of two restaurants for $2.98 million and $2.64 million, respectively. One property is located in Ann Arbor, MI, with a lease that expires in March 2027. The other property is located in Myrtle Beach, SC with a lease that expires in December 2032.

One Liberty estimates that the rental income (including the impact of straight-line rent adjustments) in 2014 from these four properties will be approximately $4.08 million. In connection with the completion of some of these acquisitions, the company borrowed $23.5 million from its credit facility, which represents the current balance outstanding under its $75 million facility. No mortgage debt was incurred in connection with the acquisition of the FedEx or restaurant properties.

Says Patrick Callan Jr., president and CEO of One Liberty, “With approximately $101.3 million of successful acquisitions since the beginning of 2013, One Liberty is building on the initiatives we implemented to drive rental income, cash flow and to increase stockholder value in the years to come.”

Copyright 2017. ALM Media Properties, LLC. All rights reserved.