One Liberty Properties Completes Purchase of a Six Building Multi-Tenant Industrial Property for $53.5 Million

Core Insights - One Liberty Properties, Inc. has completed the acquisition of a 397,440 square foot industrial property in Sewickley, Pennsylvania for $53.5 million, which is 93% leased to 16 tenants including Amazon and Linde Gas [1][3] - The company has reported a record year for industrial acquisitions, totaling $188.8 million year to date, which is over five times the average annual acquisition pace from the previous five years [3] Acquisition Details - The acquired property consists of six buildings and has an aggregate annual base rent of approximately $3.4 million, with annual contractual rent increases ranging from 2% to 3% [1] - The weighted average remaining lease term for the property is 3.3 years, indicating a stable income stream [1] Financing Structure - The acquisition was financed through cash and a seven-year mortgage of $32.4 million at an interest rate of 5.45%, with the first five years being interest-only [2] Strategic Implications - The acquisition is seen as a significant step in the company's industrial-focused transformation strategy, enhancing operational efficiencies and diversifying its tenant base [3]