One Liberty Properties, Inc. announced that it acquired a 53,000 square foot industrial building located in Fort Myers, Florida for $8.1 million. The property is leased through 2030 to Conditioned Air Company of Naples, LLC, a commercial and residential HVAC installer in southwest Florida, and a portfolio company of Gemini Investors. The triple-net lease provides for an annual base rent of approximately $443,000 with annual increases of 3.8% beginning in 2023.

The Class A facility, which was constructed in 2020, is well located between I-75 and the Southwest Florida International Airport, features 24-foot clear heights in the warehouse and 18 loading-dock doors. The Company anticipates obtaining nine-year mortgage debt of $4.8 million, an interest rate of 3.09% and amortizing over 25 years, on this property.