One Liberty Sells Retail Property For $40.5M

Real estate investment trust (REIT) One Liberty Properties Inc OLP has announced the sale of its retail property, the 47,200 square foot building, and the related parking lot located in West Hartford, Connecticut, and leased to Whole Foods for $40.5 million.
The proceeds will be used to repay a $15.4 million mortgage on the property, pay off the $17.9 million outstanding balance on the company’s credit facility and transaction-related costs.
The remaining $5.4 million will be used for general corporate and working capital purposes.
The company expects a net gain of $21.5 million from the sale for the quarter ending June 30, 2021.
“Similar to the sale of other non-core assets that we believe reached the maximum value, this transaction allows us to reduce our leverage and increase our financial capacity to fund future growth,” said Patrick J. Callan Jr, Chief Executive Officer.
Price action: OLP shares are trading higher by 3.09% at $28.66 on the last check Monday.