OFFICE DEPOT SELLS STORES TO RAISE $ 50Million IN CASH

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OFFICE DEPOT SELLS STORES TO RAISE $ 50Million IN CASH

 user 2008-09-30 at 12:56:18 pm Views: 53
  • #20403

    http://www.rttnews.com/Content/BreakingNews.aspx?Node=B1&Id=724936%20&Category=Breaking%20News
    Depot sells stores to raise cash

    One Liberty buys eight Office Depot retail locations for $47.6 mln – Update
    One Liberty Properties, Inc. , an owner and manager of commercial real estate properties, said it acquired a portfolio of eight Office Depot, Inc. retail locations for about $47.6 million in cash. The company said it is a sale and leaseback transaction through its wholly owned subsidiaries.

    The New York-based real estate investment trust said that on September 26 it acquired 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 about $47.6 million and was paid all cash. Simultaneously, each of the properties was leased to Office Depot, Inc. (ODP) on a triple net basis for an initial term of about ten years, with options to extend.

    Patrick Callan, Jr., President and chief executive officer of One Liberty, said “this portfolio was attractive to One Liberty in part because of the quality and geographic diversity of the properties, and this acquisition furthers our objective of acquiring well-situated, improved net leased properties.”