One Liberty Properties To Acquire Fourth Industrial Property In 2024 For $28.3M
Portfolio Pulse from Benzinga Newsdesk
One Liberty Properties (OLP) announced plans to acquire a fourth industrial property in 2024 for $28.3 million, bringing total acquisitions for the year to over $73 million. The new property in Council Bluffs, Iowa, spans 236,324 sq ft and has an annual base rent of $1.9 million with a 6.1-year weighted average lease term. The acquisition will be funded by cash and a $17 million mortgage at 5.89% interest.
August 01, 2024 | 8:43 pm
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One Liberty Properties (OLP) is set to acquire a fourth industrial property in 2024 for $28.3 million, increasing its total acquisitions for the year to over $73 million. The new property in Iowa will generate an annual base rent of $1.9 million and has a 6.1-year weighted average lease term. The acquisition will be funded by cash and a $17 million mortgage at 5.89% interest.
The acquisition of a new industrial property will likely have a positive impact on OLP's stock price in the short term. The property will generate $1.9 million in annual base rent, contributing to revenue growth. Additionally, the acquisition increases OLP's total investments for 2024, signaling growth and expansion to investors.
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