One Liberty Properties has acquired two industrial warehouses with an aggregate of approximately 252,000 square feet and related trailer parking lot located on 18.2 acres in Northwood, Ohio, a suburb of Toledo for $17.2 million. The price includes the assumption of $6.0 million of mortgage debt with an interest rate of 3.57% and approximately 7.2 years of remaining term to maturity.

The properties are leased to seven tenants, with one tenant accounting for approximately 47.7% of the aggregate annual base rent. The leases provide for an aggregate annual base rent of approximately $1.1 million increasing to approximately $1.2 million in 2024. As of November 1, 2022, the weighted average remaining lease term is 4.26 years. The facilities feature concrete tilt-wall construction, 26 foot clear height, and shallow bay design. The properties are located in a 105 million square foot industrial market with a 2% vacancy rate.  The facilities are positioned to provide access to major transportation routes including I-75, downtown Toledo, and I-80 and I-90.