One Liberty Properties buys industrial property portfolio in SC for $13.4M

One Liberty Properties announced that it added to its industrial property portfolio with the acquisition of a 177,040 square foot industrial distribution center located on 10.5 acres in a suburb of Columbia, South Carolina, for $13.4M. The price includes the assumption of $4.3 million of mortgage debt with an interest rate of 4.6% and approximately six years of remaining term to maturity. Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, commented, “We are thrilled to add another well-located industrial property in a growing market. The below replacement cost purchase, favorable interest rate on the assumed debt and below market rent, positions this property to contribute to future cash flow growth. We remain committed to our thoughtful and deliberate approach to growing our business by leveraging our network of relationships and focusing on selectively adding accretive assets. By continuing to execute on this strategy, we believe that despite the uncertain economic climate, strong properties will continue to perform and contribute to creating long-term value for our stockholders.”