One Liberty Properties, Inc. (NYSE: OLP), announced that it acquired a 78,319 square foot light manufacturing and distribution property on 18.58 acres located in the Huntersville suburb of Charlotte, North Carolina for $8.7 million, including $5.2 million of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in 2027, amortizes over 25 years and bears a fixed annual interest rate of 3.72%. The facility was built in 2014 in a master planned business park and is net leased through mid 2025 to Forbo Siegling LLC, an industrial parts manufacturer. The tenant is a subsidiary of Forbo Holding AG, a company listed on the Swiss Stock Exchange, with a market capitalization of approximately $2.8 billion. Effective as of June 1, 2017, the annual base rent under the lease is approximately $579,000 and increases 2. 5% annually.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated, "This industrial asset, our third industrial property in the Charlotte area, is well located in a high quality business park, and is readily accessible to key transportation hubs and Interstate ingress and egress. Our tenant has been in a growth mode over the past few years, which is expected to continue, and we are pleased with the real estate in general and our tenant specifically. We now own 5.4 million square feet of industrial space, including 750,000 square feet owned by an unconsolidated joint venture in which we have a 50% equity interest."