One Liberty Properties Purchases Two Premium Industrial Properties for $49 Million

Core Insights - One Liberty Properties, Inc. has completed the acquisition of two Class A industrial properties in Mobile, Alabama for $49 million, which will enhance its industrial portfolio that now exceeds 72$23 million, realizing over $6.6 million in gains [1] Acquisition Details - The acquired properties total 371,586 square feet and are situated on approximately 31 acres with four tenants, generating an aggregate annual base rent of about$3.1 million [1] - The annual rental increases for these properties range from 2.3% to 3.5%, with a weighted average remaining lease term of nearly seven years [1] - Financing for the acquisition was secured through cash and a ten-year $29 million mortgage at an interest rate of 6.12$21.4 million, realizing net proceeds of approximately $13.0 million and anticipating a gain of about$6.4 million [3] - Additionally, on December 10, 2024, the company sold an Advance Auto retail property in Hilliard, Ohio for $1.6 million, with net proceeds of approximately$704,000 and an anticipated gain of around $224,000 [4] Company Overview - One Liberty Properties is a self-administered and self-managed real estate investment trust, incorporated in Maryland in 1982, focusing on acquiring, owning, and managing a diversified portfolio primarily consisting of industrial properties [7]