GREAT NECK, N.Y. -- One Liberty Properties Inc. said that it has acquired, through a wholly owned subsidiary, a portfolio consisting of eight gas stations with related convenience stores located in Louisiana and Mississippi.
The total purchase price for the portfolio was approximately $15 million, and it was paid for in all cash, the company said. Each of the facilities is net leased on a long term basis to The Pantry Inc., Sanford, N.C.
The acquisition of the portfolio completed a 1031 tax-deferred exchange that began with the [image-nocss] sale by a One Liberty subsidiary of a wholly owned movie theater property, the sale of which was announced on Oct. 5, 2006.
The purchase of this portfolio of assets continues the company's objective of acquiring strategically located improved net leased real property leased to quality tenants, said Patrick J. Callan Jr., president of One Liberty Properties.
Great Neck, N.Y.-based One Liberty is a REIT that specializes in the acquisition and ownership of a diverse portfolio of real estate propertiesincluding retail, industrial, office, movie theater and other properties under long term leases. One Liberty's leases generally provide for contractual rent increases with all operating expenses and most or all other property related expenses paid by the tenant.
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