One Liberty Properties, a New York-based real estate investment trust, announced this week that it had completed the acquisition of four new properties for a total of $54.1 million. In order to close the acquisitions, One Liberty borrowed $23.5 million from its credit facility, which reportedly represents the current balance outstanding under its $75 million facility. The properties include:
- An approximately 700,000 square foot industrial facility located in Fort Mill, South Carolina, purchased for $39.2 million. The building serves as a principal distribution center for Northern Tool & Equipment Company, which has a lease on the property through April 2029.
- A 125,600 square foot distribution facility in Indianapolis, Indiana for approximately $9.7 million. The building is leased to FedEx until February 2023.
- Two restaurants: one in Ann Arbor, Michigan for $2.98 million, and another in Myrtle Beach, South Carolina for $2.64 million. The Ann Arbor property is leased until March 2027 and the Myrtle Beach location expires in February 2023.
One Liberty estimates that the rental income in 2014 from these four properties will be approximately $4.08 million. Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, stated, "The closings of these transactions further exemplifies the continued execution of our strategy to selectively identify and add valuable assets to our portfolio. 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."
For more news and information visit Blumberg Capital Partners.
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