An unknown buyer completed the acquisition of three restaurant properties and two retail properties in United State from One Liberty Properties, Inc..
December 20, 2023
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An unknown buyer entered into non-cancellable agreements to acquire three restaurant properties and two retail properties in United States from One Liberty Properties, Inc. (NYSE:OLP) for $23 million on November 30, 2023. The sale includes Applebees restaurants in Lawrenceville, Cartersville, and Cartersville, Georgia and Barnes & Noble retail property in Fort Myers, Florida and Havertys retail property in Virginia Beach, Virginia. In a related transaction, an unknown buyer acquired two restaurant properties and a portion of a retail property from One Liberty Properties, Inc. for $8.7 million. One Liberty Properties anticipates that these sales will be completed before year-end of 2023. On December 5, 2023, Applebees restaurant in Carrolton and Cartersville were sold; On December 7, Applebees restaurant in Lawrenceville was sold. On December 15, 2023, One Liberty Properties completed on the sale of Havertys retail property. One Liberty Properties anticipates using the estimated net proceeds ranging from approximately $19 million to $21 million from the sales of the five properties subject to the non-cancellable agreements to pay-off the balance of the credit facility debt, for general working capital purposes and as appropriate, pay-off mortgage debt or repurchase company stock.
An unknown buyer completed the acquisition of three restaurant properties and two retail properties in United State from One Liberty Properties, Inc. (NYSE:OLP) on December 21, 2023. One Liberty Properties estimates it will receive approximately $19 million of net proceeds from these sales. One Liberty Properties anticipates that the approximate $19 million sales? proceeds balance will be used for general working capital purposes and, as market conditions warrant, to acquire properties, reduce mortgage debt and repurchase Company stock. In the short term, One Liberty Properties anticipates investing the sale proceeds in short-term Treasury bills.
One Liberty Properties, Inc. is a self-administered and self-managed real estate investment trust. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial and retail properties. The Company owns approximately 108 properties and participate in joint ventures that own two properties. These 110 properties are located in 31 states and have an aggregate of approximately 10.9 million square feet. Its primary objective is to acquire single-tenant properties, and in particular, industrial properties, that are subject to long-term net leases that include periodic contractual rental increases or rent increases based on increases in the consumer price index. The Companyâs property is located across Alabama, Arkansas, Arizona, California, Colorado, Texas, Delaware, Florida, Georgia, Iowa, Illinois, Kansas, Kentucky, Massachusetts, Virginia and Ohio.
ONE LIBERTY PROPERTIES, INC. 
