Now Owns 5.4 Million Square Feet of Industrial Properties
GREAT NECK, NY- One Liberty Properties, Inc. (NYSE: OLP), announced that it acquired a 78,319 square foot light manufacturing and distribution property on 18.58 acres located in the Huntersville suburb of Charlotte, North Carolina for $8.7 million, including $5.2 million of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in 2027, amortizes over 25 years and bears a fixed annual interest rate of 3.72%. The facility was built in 2014 in a master planned business park and is net leased through mid 2025 to Forbo Siegling LLC, an industrial parts manufacturer. The tenant is a subsidiary of Forbo Holding AG, a company listed on the Swiss Stock Exchange, with a market capitalization of approximately $2.8 billion. Effective as of June 1, 2017, the annual base rent under the lease is approximately $579,000 and increases 2.5% annually.
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated, “This industrial asset, our third industrial property in the Charlotte area, is well located in a high quality business park, and is readily accessible to key transportation hubs and Interstate ingress and egress. Our tenant has been in a growth mode over the past few years, which is expected to continue, and we are pleased with the real estate in general and our tenant specifically. We now own 5.4 million square feet of industrial space, including 750,000 square feet owned by an unconsolidated joint venture in which we have a 50% equity interest.”
Forward Looking Statement:
Certain information contained in this press release, together with other statements and information publicly disseminated by One Liberty Properties, Inc. is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. We intend such forward looking statements to be covered by the safe harbor provision for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for the purpose of complying with these safe harbor provisions. Information regarding certain important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements appear in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and in particular “Item 1A. Risk Factors” included therein. You should not rely on forward looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements.
About One Liberty Properties:
One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The primary business of the Company is to acquire, own and manage a geographically diversified portfolio consisting primarily of retail, industrial, restaurant, health and fitness and theater properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for real estate taxes, insurance and ordinary maintenance and repairs.
Source: One Liberty Properties, Inc.