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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 added to its industrial property portfolio with the acquisition of a 177,040 square foot industrial distribution center located on 10.5 acres in a suburb of Columbia, South Carolina, for $13.4 million. The price includes the assumption of $4.3 million of mortgage debt with an interest rate of 4.6% and approximately six years of remaining term to maturity.
The modern facility features concrete tilt-wall construction, 28-foot clear height, and shallow bay design. The Columbia industrial market is comprised of 73 million square feet with an approximate 4.5% vacancy rate. The facility is well-located ¼ mile from Interstate 77, connecting Columbia to Charlotte, North Carolina. The property is leased to two tenants, with one tenant accounting for approximately 53% of the aggregate annual base rent. The leases, with currently below-market rents, provide an aggregate annual base rent of approximately $784,000, increasing approximately 3% annually. As of July 1, 2023, the weighted average remaining lease term is 1.6 years, which should present an opportunity to raise the leases to market rents in the near term.
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, commented, "We are thrilled to add another well-located industrial property in a growing market. The below replacement cost purchase, favorable interest rate on the assumed debt and below market rent, positions this property to contribute to future cash flow growth. We remain committed to our thoughtful and deliberate approach to growing our business by leveraging our network of relationships and focusing on selectively adding accretive assets. By continuing to execute on this strategy, we believe that despite the uncertain economic climate, strong properties will continue to perform and contribute to creating long-term value for our stockholders."
Posted In: OLP
