September 8, 2016
One Liberty Properties Inc. acquired a 540,240-square-foot distribution center on nearly 43 acres in Lebanon, TN, a suburb of Nashville. The Great Neck, NY buyer paid $32.8 million for the facility at 625 Maddox-Simpson Pkwy. The seller is listed as Campbell-Lebanon I LLC, based in St. Louis.
The mortgage debt has an annual interest rate of 3.7%, with a 2031 maturity date. The building is net leased to Famous Footwear for 15 years; the parent company is Caleres Inc. Annual rental income from the lease is approximately $2.2 million.
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