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 increased its industrial property portfolio with the acquisition of two industrial warehouses with an aggregate of approximately 252,000 square feet and related trailer parking lot located on 18.2 acres in Northwood, Ohio, a suburb of Toledo for $17.2 million. The price includes the assumption of $6.0 million of mortgage debt with an interest rate of 3.57% and approximately 7.2 years of remaining term to maturity.
The properties are leased to seven tenants, with one tenant accounting for approximately 47.7% of the aggregate annual base rent. The leases provide for an aggregate annual base rent of approximately $1.1 million increasing to approximately $1.2 million in 2024. As of November 1, 2022, the weighted average remaining lease term is 4.26 years. The modern facilities feature concrete tilt-wall construction, 26 foot clear height, and shallow bay design. The industrial properties are centrally located in the heart of the Midwest, a 105 million square foot industrial market with a 2% vacancy rate. The facilities are positioned to provide easy access to major transportation routes including I-75, downtown Toledo, and I-80 and I-90.
“We are excited to secure such well-located, cash generating industrial properties, given the highly dynamic global economy, that is marked by rising interest rates and inflation,” stated Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty. “By adding these quality assets to our growing portfolio of industrial properties, we continue to diversify our asset mix towards a strong and well performing asset class. Given the environment, we will remain highly thoughtful and disciplined as we seek opportunities to invest capital in an accretive manner to build long term value for our stockholders.”
