One Liberty Properties, Inc. (NYSE: OLP) announced that on June 20th it acquired a 208,000 square foot distribution facility on 19.1 acres located in Ankeny, a suburb of Des Moines, Iowa, for $14.7 million. One Liberty has obtained a commitment for ten year mortgage debt of $8.8 million at an annual fixed rate of 3.61%.

The new industrial facility was completed in 2016 and features 32' clear height, 24 dock doors and multiple points of access for tenant flexibility. It is net leased to two tenants with leases expiring in 2023 and 2030. One tenant, Power Distributors, is a nationwide distributor of outdoor power equipment products and the other tenant, Keystone Automotive, is a leading distributor of after-market auto parts. The Keystone Automotive lease is guaranteed by LKQ Corporation (NASDAQ: LKQ). The current aggregate annual base rent under the leases is approximately $1.0 million with annual increases ranging from 1.4% to 1.75%.

"With the addition of this distribution center, we now own over 5.8 million square feet of industrial properties in well-located markets throughout the United States," stated Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty. "This easily accessed facility is located six miles from Des Moines and has excellent proximity to the Interstate system a half mile from the property. Such proximity to transportation infrastructure together with the state of the art construction make this an attractive location for distribution tenants."

About One Liberty Properties:

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The primary business of the Company is to acquire, own and manage a geographically diversified portfolio consisting primarily of retail, industrial, restaurant, health and fitness and theater properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for real estate taxes, insurance and ordinary maintenance and repairs.