One Liberty (OLP) Acquires 2 Properties For $28.1 Million
Zacks Investment Research | Aug 17, 2016 09:30PM ET
In order to enhance its portfolio, One Liberty Properties Inc. (NYSE:OLP) has acquired two properties for $28.1 million. This latest acquisition is in sync with the recent series of acquisitions that the Great Neck, NY-based real estate investment trust (“REIT”) has executed.
One Liberty Properties, which primarily invests in improved, commercial real estate under long-term net lease, funded this acquisition with $26 million drawn from its credit facility and cash on hand.
In recent times, the REIT executed a series of acquisition activities. On Aug 12, One Liberty Properties acquired a St. Louis Park, MN-based 131,710 square foot shopping center for $14.2 million. On Aug 16, the company acquired fee interest in a land parcel in Beachwood, OH for $13.9 million. The company expects these acquired properties to produce a total base rent of around $2.6 million during the twelve months ending Sep 30, 2017. These acquisitions are anticipated to improve its portfolio with diverse tenant leases that will raise the ability of the company to grow cash flow, earnings and dividend over the long term.
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