One Liberty Properties Purchases Two Premium Industrial Properties for $49 Million
One Liberty Properties (NYSE: OLP) has acquired two Class A industrial properties in Mobile, Alabama MSA for $49 million. The properties, totaling 371,586 square feet on 31 acres, are leased to four tenants: Simpson Manufacturing, Veyer , Chadwell Supply, and DC Safety Sales Co. The acquisition generates $3.1 million in annual base rent with 2.3-3.5% annual increases and a weighted average lease term of nearly seven years.
The company financed the purchase with cash and a $29 million mortgage at 6.12% interest. The modern warehouses, built in 2022-2023, feature 32-36' clear height and strategic location near Interstate-10 in Theodore, AL.
Additionally, OLP completed two property sales: an LA Fitness property in Secaucus, NJ for $21.4 million with a $6.4 million gain, and an Advance Auto retail property in Hilliard, OH for $1.6 million with a $224,000 gain. Industrial properties now represent over 72% of OLP's base rent.
One Liberty Properties (NYSE: OLP) ha acquisito due proprietà industriali di Classe A a Mobile, in Alabama, per 49 milioni di dollari. Le proprietà, che coprono in totale 371.586 piedi quadrati su 31 acri, sono affittate a quattro inquilini: Simpson Manufacturing, Veyer, Chadwell Supply e DC Safety Sales Co. L'acquisizione genera 3,1 milioni di dollari di affitto base annuale con aumenti annuali del 2,3-3,5% e una durata media ponderata del contratto di affitto di quasi sette anni.
L'azienda ha finanziato l'acquisto con liquidità e un mutuo di 29 milioni di dollari a un tasso d'interesse del 6,12%. I moderni magazzini, costruiti nel 2022-2023, presentano un'altezza libera di 32-36 piedi e una posizione strategica vicino all'Interstate-10 a Theodore, AL.
Inoltre, OLP ha completato due vendite di proprietà: una proprietà LA Fitness a Secaucus, NJ, per 21,4 milioni di dollari con un guadagno di 6,4 milioni di dollari, e una proprietà retail Advance Auto a Hilliard, OH, per 1,6 milioni di dollari con un guadagno di 224.000 dollari. Le proprietà industriali ora rappresentano oltre il 72% dell'affitto base di OLP.
One Liberty Properties (NYSE: OLP) ha adquirido dos propiedades industriales de Clase A en el área metropolitana de Mobile, Alabama, por 49 millones de dólares. Las propiedades, que suman un total de 371,586 pies cuadrados en 31 acres, están arrendadas a cuatro inquilinos: Simpson Manufacturing, Veyer, Chadwell Supply y DC Safety Sales Co. La adquisición genera 3.1 millones de dólares en alquiler base anual con aumentos anuales del 2.3-3.5% y un plazo medio ponderado de arrendamiento de casi siete años.
La empresa financió la compra con efectivo y una hipoteca de 29 millones de dólares a un interés del 6.12%. Los modernos almacenes, construidos entre 2022 y 2023, presentan alturas libres de 32 a 36 pies y una ubicación estratégica cerca de la Interestatal 10 en Theodore, AL.
Además, OLP completó dos ventas de propiedades: una propiedad de LA Fitness en Secaucus, NJ, por 21.4 millones de dólares con una ganancia de 6.4 millones de dólares, y una propiedad retail de Advance Auto en Hilliard, OH, por 1.6 millones de dólares con una ganancia de 224,000 dólares. Las propiedades industriales representan ahora más del 72% del alquiler base de OLP.
원 리버티 프로퍼티즈 (NYSE: OLP)는 알라바마주 모바일 MSA에 있는 두 개의 A급 산업 부동산을 4,900만 달러에 인수했습니다. 두 부동산은 총 371,586제곱피트에 31에이커로 구성되어 있으며, 네 명의 임차인인 Simpson Manufacturing, Veyer, Chadwell Supply, DC Safety Sales Co.에 임대되고 있습니다. 이번 인수로 연간 310만 달러의 기본 임대료가 발생하며, 매년 2.3~3.5% 증가하고 평균 임대 기간은 거의 7년에 달합니다.
회사는 현금과 함께 2,900만 달러의 6.12% 이자율 모기지를 사용하여 구매를 자금 조달했습니다. 2022-2023년에 건설된 현대식 창고는 높이가 32-36 피트이며 알라바마주 시어도어의 10번 고속도로 근처에 전략적으로 위치해 있습니다.
또한 OLP는 세카우쿠스, NJ의 LA Fitness 부동산을 2,140만 달러에, 640만 달러의 이익을 기록하며, 힐리아드, OH에 있는 Advance Auto 소매 부동산을 160만 달러에, 224,000달러의 이익을 기록하며 매각했습니다. 산업 부동산은 현재 OLP의 기본 임대료의 72% 이상을 차지합니다.
One Liberty Properties (NYSE: OLP) a acquis deux propriétés industrielles de Classe A dans la région de Mobile, Alabama, pour 49 millions de dollars. Les propriétés, totalisant 371 586 pieds carrés sur 31 acres, sont louées à quatre locataires : Simpson Manufacturing, Veyer, Chadwell Supply et DC Safety Sales Co. Cette acquisition génère 3,1 millions de dollars de loyer de base annuel avec des augmentations annuelles de 2,3 à 3,5 % et une durée moyenne pondérée de bail de près de sept ans.
L'entreprise a financé l'achat avec des liquidités et un prêt hypothécaire de 29 millions de dollars à un intérêt de 6,12 %. Les entrepôts modernes, construits en 2022-2023, présentent une hauteur libre de 32 à 36 pieds et sont idéalement situés près de l'Interstate 10 à Theodore, AL.
De plus, OLP a terminé deux ventes de propriétés : une propriété LA Fitness à Secaucus, NJ, pour 21,4 millions de dollars avec un gain de 6,4 millions de dollars, et une propriété de détail Advance Auto à Hilliard, OH, pour 1,6 million de dollars avec un gain de 224 000 dollars. Les propriétés industrielles représentent maintenant plus de 72 % du loyer de base d'OLP.
One Liberty Properties (NYSE: OLP) hat zwei Industrieimmobilien der Klasse A im Großraum Mobile, Alabama, für 49 Millionen Dollar erworben. Die Immobilien umfassen insgesamt 371.586 Quadratfuß auf 31 Morgen und sind an vier Mieter vermietet: Simpson Manufacturing, Veyer, Chadwell Supply und DC Safety Sales Co. Der Erwerb generiert 3,1 Millionen Dollar an jährlicher Grundmiete mit jährlichen Steigerungen von 2,3-3,5 % und einer gewichteten durchschnittlichen Mietdauer von fast sieben Jahren.
Das Unternehmen finanzierte den Kauf mit Bargeld und einer Hypothek über 29 Millionen Dollar zu einem Zinssatz von 6,12 %. Die modernen Lagerhäuser, die zwischen 2022 und 2023 erbaut wurden, haben eine lichten Höhe von 32-36 Fuß und eine strategische Lage nahe der Interstate 10 in Theodore, AL.
Darüber hinaus hat OLP zwei Immobilienverkäufe abgeschlossen: eine LA Fitness-Immobilie in Secaucus, NJ, für 21,4 Millionen Dollar mit einem Gewinn von 6,4 Millionen Dollar, und eine Einzelhandelsimmobilie von Advance Auto in Hilliard, OH, für 1,6 Millionen Dollar mit einem Gewinn von 224.000 Dollar. Industrieimmobilien machen jetzt über 72 % der Grundmiete von OLP aus.
- Acquisition of two Class A industrial properties generating $3.1M annual base rent
- Built-in annual rent escalators of 2.3-3.5%
- Strategic location in growing Southeast distribution hub
- Realized $6.6M in gains from sale of retail and fitness properties
- Industrial portfolio now represents 72% of total base rent
- High interest rate of 6.12% on new $29M mortgage
Insights
OLP's latest transactions represent a strategic portfolio transformation that significantly enhances its industrial exposure, with industrial properties now generating over 72% of base rent. The $49 million acquisition of Class A warehouses in Mobile demonstrates excellent market timing and positioning:
Strategic Location & Asset Quality: Mobile's emergence as a logistics hub is driven by its deep-water port access and strategic position along I-10, connecting major markets from California to Florida. The 2022/2023-built facilities feature modern specifications (32'-36' clear heights, ESFR sprinklers) that command premium rents and attract quality tenants. The
Tenant Quality & Income Security: The tenant roster includes credit-worthy companies like NYSE-listed Simpson Manufacturing and NASDAQ-listed ODP's subsidiary, providing stable cash flow visibility. The weighted average lease term of ~7 years with
Portfolio Optimization: The simultaneous disposition of retail and fitness assets for $23 million, generating $6.6 million in gains, showcases OLP's ability to recycle capital from non-core assets into higher-growth industrial properties. The LA Fitness sale at $21.4 million particularly demonstrates strong execution in monetizing mature assets. The
This transformation positions OLP to benefit from continued industrial sector tailwinds while reducing exposure to retail assets that face secular headwinds. The modern specifications, strong tenant mix and strategic location should drive sustained NOI growth and potential cap rate compression as Mobile's logistics importance grows.
– Base Rent from Our Industrial Portfolio Now Exceeds
– Closes on the Sale of Retail and Health & Fitness Properties for
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
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated, “This acquisition of two modern distribution centers in Mobile, Alabama marks a compelling start to the year. These premium industrial assets, secured with long-term leases and built-in annual escalators, not only deliver immediate cash flow accretion but also strengthen our foothold in a growing logistics hub in the Southeast. Mobile's emergence as an important link in the national supply chain, coupled with these modern facilities, positions us to capture the demand for modern industrial space while delivering sustained value to our stockholders.”
The Class A warehouses were built in 2022 and 2023 and features ample clear height of 32’ to 36’, concrete tilt-wall construction, a total of 70 dock high loading doors, LED lighting and ESFR sprinklers. The properties are located in Theodore, AL, which is part of the Mobile MSA. The properties are adjacent to Interstate-10, one of the largest interstate highways in the country, stretching East-West from California to Florida. Mobile is a growing Southeast distribution hub due to its strategic location as a deep port on the Gulf of Mexico.
On December 27, 2024, OLP completed the previously announced sale of the LA Fitness property located in Secaucus, New Jersey, for a sales price of
On December 10, 2024, OLP completed the previously announced sale of the Advance Auto retail property located in Hilliard, Ohio, for a sales price of
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. Forward looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “could,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof. Information regarding 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, 2023 and the reports filed with the Securities and Exchange Commission thereafter; in particular, the sections of such reports entitled “Cautionary Note Regarding Forward Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, included therein. In addition, estimates of rental income for 2024 exclude any related variable rent, anticipated property purchases, sales, financings and/or refinancings may not be completed during the period or on the terms indicated or at all, and estimates of gains from property sales or proceeds from financing or refinancing transactions are subject to adjustment, among other things, because actual closing costs may differ from the estimated costs. 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 the Company’s control and which could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events.
About One Liberty Properties:
One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for the property’s real estate taxes, insurance and ordinary maintenance and repairs.
Contact:
One Liberty Properties
Investor Relations
Phone: (516) 466-3100
www.1liberty.com
FAQ
How much did One Liberty Properties (OLP) pay for the Mobile, Alabama industrial properties?
What is the annual base rent for OLP's new Mobile industrial properties?
How much did OLP receive from selling its LA Fitness property in Secaucus?
What percentage of OLP's base rent now comes from industrial properties?
What are the terms of OLP's mortgage for the Mobile industrial properties?
