Listen to this articleA Great Neck, New York, company is about one industrial property richer following a transaction between the firm and United Properties in Oakdale, a recent certificate of real estate revealed late last week.
One Liberty Properties purchased the 4Front Industrial Park from United Properties in a deal worth $23 million, according to the CRV.
The property is a recent finish for United Properties, which started building the project in July 2022 and completed in October 2023. It is located at 3490 Hayward Ave. N. in Oakdale.
The property is about 81 square feet shy of being 200,000 square feet, according to a Catylist listing. The footprint is spread across one floor with a 32-foot clear height and has 21 docking doors, the listing showed.
The buyer, One Liberty, has a variety of properties in its portfolio, according to the firm’s website, between office, retail and industrial. In the Twin Cities metro, One Liberty owns an 82,650-square-foot industrial building in Plymouth, the 114,000-square-foot industrial property for Continental Hydraulics and a 122,460-square-foot site called the Winnetka Distribution Center.
According to One Liberty’s website, the company looks to purchase primarily industrial assets with long-term leases that include contractual rent increases.
“We believe that our emphasis on property value enables us to achieve better returns on our acquired properties and also enhances our ability to re-rent or dispose of a property on favorable terms upon the expiration or early termination of a lease,” One Liberty’s website reads.
The property started as a speculative development by United Properties, as previously reported by Finance & Commerce. It is now home to Superior Third Party Logistics, though the weighted average lease term is unknown. United Properties’ Connor McCarthy said in an interview at the time that the build was an attempt to tap into the northeast metro industrial submarket, which at the time had had little development.
Brian Brisky of Brisky Net Lease facilitated the sale, Brisky confirmed in an email.
Finance & Commerce reached out to the buyer and seller for this story.
The vacancy rate for the Northeast metro, according to Cushman & Wakefield is 3.1%, a lower rate than the metro-wide average of 4.6%. Oakdale has recently seen an influx of housing development within the market as well, as Finance & Commerce reported in May. Two multifamily properties were set to begin this year that would, in total, bring 500 units to the mostly built-out city — one on the shores of Tanner Lake from McGlynn Partners and the other near Helmo Station built by Enclave Companies.