(To read more on the industrial market, click here.)
BALTIMORE-A subsidiary of One Liberty Properties has acquired an industrial property here from a Delaware limited liability company called FR Hollins Ferry LLC for $32.2 million. The building, a 367,000-sf facility consisting of grade level space, sits on approximately 28 acres and is located at 4501 Hollins Ferry Rd.
One Liberty Properties acquired the building which is already net leased to Ferguson Enterprises, a distributor of plumbing supplies and heating and cooling equipment. Mark Lundy, senior vice president with One Liberty, tells GlobeSt.com that Ferguson's lease is set to expire in 2022. The tenant is making improvements to the facility, reconfiguring it to its own use. Lundy did not know the dollar amount of the improvements.
According to the filing, One Liberty financed the acquisition with a $23-million mortgage and the balance was paid in cash.
A New York-based REIT, One Liberty focuses on long term net leases. "By making this acquisition, the company is continuing to pursue its objective of acquiring strategically located, improved net-leased real property, leased to quality tenants," says Patrick Callan, Jr., president of One Liberty, in a statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
