Great Neck-based One Liberty Properties has continued its national shopping spree, acquiring two industrial properties in suburbs for $14.4 million and selling two more for a $2.5 million profit.
CEO Patrick Callan, Jr., called this part of a “strategy to improve the quality of our portfolio” and boost cash flow with properties in “desired markets.”
The real estate investment trust has acquired more than $46 million in industrial properties in 2019, including the latest transactions.
Recent acquisitions include an 800,000- square foot industrial building on about 16.23 acres in LaGrange. GA., a 62,000-square-foot property in Chandler, Ariz., and a 57.000-square-foot property in Wauconda, Ill.
One Liberty, a real estate investment trust incorporated in 1982, on Sept. 13 acquired a 114,000-square-foot industrial property on 9.2 acres in Shakopee, Minn., a suburb of Minneapolis, for $8.0 million.
The building is leased to Continental Hydraulics, a maker of valves, pumps, power units and related products. The property is leased through 2033 at a current annual base rent of $498,000, with annual increases of 2.25 percent.
One Liberty on Oct. 3 acquired a 95,000-square-foot industrial facility on 15 acres in Rincon, GA, a suburb of Savannah, for $6.4 million. It is leased to C&C North America also known as Cosentino North America, a global importer and distributor of granite, stone and quartz. The property is leased through 2029 at an annual base rent of $437,000, increasing in 2024 by 10 percent.
One Liberty in August sold a Wheaton, Ill., property leased to a multi-family complex and a retail property in Athens, GA., which it said it collectively expects will lead to a $2.5 million gain.
