One Liberty Properties Announces $49M Acquisition Of Two Industrial Properties In Alabama; Sells Retail And Health & Fitness Properties For $23M, Gains $6.6M; Base Rent From Industrial Portfolio Now Exceeds 72%

– Base Rent from Our Industrial Portfolio Now Exceeds 72% of All Base Rent –

– Closes on the Sale of Retail and Health & Fitness Properties for $23 Million and Will Realize Over $6.6 Million in Gains –

GREAT NECK, New York, Jan. 22, 2025 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE:OLP), a real estate investment trust focused on net leased industrial properties, today announced the completion of the previously announced acquisition of two Class A industrial properties located in the Mobile, Alabama MSA, for $49 million. The two properties comprise an aggregate of 371,586 square feet and are located on approximately 31 acres. There are four tenants—Simpson Manufacturing (NYSE:SSD), Veyer LLC, a wholly owned subsidiary of The ODP Corporation (NASDAQ:ODP), Chadwell Supply, a supplier of materials for the multi-family industry, and DC Safety Sales Co., Inc, a supplier of safety equipment to various industries, including the automotive industry. The aggregate annual base rent is approximately $3.1 million, with approximate annual rental increases ranging from 2.3% to 3.5%, and a weighted average remaining lease term approaching seven years. OLP financed the acquisition with cash and a ten-year $29 million mortgage (interest only for five years and then amortizing on a 30-year schedule) bearing an interest rate of 6.12%.