One Liberty Properties (OLP) Acquires Eight Retail Locations for $47.6 Million
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One Liberty Properties, Inc. (NYSE: OLP) acquired, through wholly-owned subsidiaries, a portfolio of eight retail locations, containing an aggregate of 218,137 square feet of retail space, located in Florida, Illinois, North Carolina, Texas, California, Georgia and Oregon. The total purchase price for the portfolio was approximately $47.6 million and was paid all cash. Simultaneously with the acquisition, each of the properties was leased on a triple net basis for an initial term of approximately ten years, with options to extend. Each of the properties is leased to Office Depot, Inc. (NYSE: ODP).
One Liberty is a New York-based REIT that specializes in the acquisition and ownership of a diverse portfolio of real estate properties under long term net leases. [SM]
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