One Liberty Properties Acquires Two Industrial Properties

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.