OFFICE DEPOT SELLS STORES TO RAISE $ 50Million IN CASH

[Anonymous]

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.”

[Author]

September 30, 2008 at 12:57 PM