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New York Firm Buys Grand Rapids Property

Grand Rapids, MI - One Liberty Properties acquires health facilities

By Robert Carr | Updated on August 28, 2000

Two Grand Rapids properties were recently acquired by Great Neck, N.Y.-basedOne Liberty Properties Inc. The company acquired two health facilities, a total of 202,000 square feet, situated on approximately 34 acres for approximately $7.1 million.The properties and all of the improvements are triple net leased to SaintMary’s Health Management Company with a guarantee from Trinity HealthMichigan, which is the 3rd largest Catholic healthsystem is the United States, with $5.1 billion in assets.

One Liberty is a New York-based REIT that specializes in the acquisition andownership of net leased single tenant real estate with both short and longterm leases in the industrial, office or retail sectors. One Liberty’sleases generally provide that all operating expenses and most or all otherproperty related expenses are paid for by the tenant, while contractualrental income escalates. One Liberty’s portfolio of real estate investments now consists of46 properties in 14 states.

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