One Liberty Expands Portfolio with $28.1M Buy
The REIT recently acquired a retail center in Minnesota and a land parcel close to Cleveland.
3710 Minnesota 100, St Louis Park, Minn.
Great Neck, N.Y.—One Liberty Properties has announced the recent purchase of two properties for a combined price tag of $28.1 million. The company carried out the payment with cash on hand and a $26 million withdrawal from its credit facility, expecting the new assets to bring in approximately $2.6 million in aggregate base rent on a period of 12 months.
The first of the two to enter the company’s portfolio, on Aug. 12, is a two-tenant, 131,710-square-foot shopping center located at 3710 Minnesota 100 in St. Louis Park, Minn. Stretching on 9.7 acres of land, the total selling price of the property added up to $14.2 million. Four days later, One Liberty carried out their second investment, $13.9 million for the fee interest in a land parcel located in Beachwood, Ohio, improved by and leased to an operator of a 348-unit multifamily property.
“These properties are consistent with our strategy to enhance our portfolio with geographically diverse tenant leases that provide the ability to grow our earnings, cash flow and dividend over the long term,” said Patrick Callan Jr., president & CEOÂ of One Liberty, in a prepared statement.
One Liberty Properties is a Long Island-based REIT that deals with the acquisition, ownership and management of a geographically diversified portfolio, consisting mainly of retail, industrial, flex and health, and fitness properties.
Image via Google Maps
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