Aug
21
One Liberty Expands Portfolio with $28.1M Buy
ByThe 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…
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