OLP - One Liberty Properties Announces Asset Sales for $32 Million | Benzinga
– Closes Sales of Three Properties –
– Agrees to Sell Five Additional Assets –
– Refinances Two Industrial Properties –
GREAT NECK, N.Y., Nov. 30, 2023 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE:OLP), an owner and manager of a geographically diversified portfolio consisting primarily of industrial properties, announced that it completed the sale of two restaurant properties and a portion of a retail property for a an aggregate sales price of approximately $8.7 million. The Company anticipates producing an aggregate gain on these sales of approximately $2.7 million.
The Company also entered into non-cancellable agreements to sell three restaurant properties and two retail properties for an aggregate sales price of $23.0 million. The Company anticipates that these sales will be completed before year-end for an aggregate gain-on-sale of approximately $10.0 million.
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, commented, "With these timely and profitable sales of non-industrial assets, we continue to make significant strides in repositioning the portfolio as industrial focused. We continue to believe this successful transformation will produce further stability and cashflow over the long-term as we focus on unlocking additional stockholder value."
The Company also refinanced mortgage debt on two industrial properties for gross proceeds, before giving effect to $7.1 million of the refinanced amounts, of $13.0 million. The weighted average interest rate on the paid-off ...