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 12:57:01 pm Views: 66
  • #20484
    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.”