One Liberty Properties Buys Distribution Center for $24M
- Jun 16, 2016
El Paso, Texas—One Liberty Properties Inc. announced it has completed the acquisition of a large distribution facility in El Paso, Texas for roughly $24 million. The transaction was financed with cash on hand and the company’s line of credit. The 420,000-square-feet property is leased by a Fortune 1000 company and the contract only expires in 2022.
“This facility is well located in the growing southwest region and we are excited by the opportunity to own this first rate asset,” Patrick Callan Jr., president & CEO of One Liberty, said in a prepared statement. One Liberty Properties has launched the procedures for obtaining a long-term debt financing on the industrial property and estimates a $454,000 rental income per quarter, excluding amortization of the related tangible assets, starting from July 1st. “This transaction demonstrates our continuing efforts to discover value by identifying high quality assets to add to our portfolio and strengthen the stability of our cash flow.”
This is the company’s first industrial building in the area, as most of its properties in this portfolio are concentrated in the Midwest, Northeast and Southeast regions. One Liberty Properties own several retail properties in Texas. One Liberty is a self-administered and self-managed REIT with more than 30 years on the market.
Image via One Liberty Properties