TODAY'S PAPER
62° Good Morning
62° Good Morning
Business

Great Neck realty trust buys $8M in Chicago sites

One Liberty's building at 435 Moreland Rd., Hauppauge,

One Liberty's building at 435 Moreland Rd., Hauppauge, occupied by the Narda Microwave and Narda Satellite Networks, a subsidiary of L-3 Communications. Photo Credit: Handout

One Liberty Properties Inc., a Great Neck-based real estate investment trust, has bought two retail properties in metropolitan Chicago for $8 million, bringing the value of its acquisitions so far this year to $24 million.

Before the purchases it owned 91 properties in 29 states, according to its website Friday morning.

The purchases were in tune with its strategy of owning a range of properties across the United States and in diverse segments of the economy, One Liberty said in a Thursday news release.

Both Chicago-area properties have long-term leases with stores operated by the same retailer, hgregg Inc., a consumer electronics and appliance specialist whose shares are publicly traded on the New York Stock Exchange.

Each of the properties, in Niles and in Crystal Lake, Ill., is more than 30,000 square feet.

"We are pleased to continue to acquire assets that will positively impact our cash flow in a competitive market environment," Patrick Callan, the chief executive, said. "While we will remain disciplined in our pursuit to further expand our portfolio, our focus remains on adding long-term value for our shareholders."

Among One Liberty's tenants on Long Island are a TGI Friday's in Hauppauge, a Ruby Tuesday in Island Park, a Petco in Selden, a DHL building in Melville, International Bonded Couriers in New Hyde Park, L-3 Communications in Hauppauge and Cedar Graphics & Gavin Manufacturing in Ronkonkoma.

Elsewhere in the United States its tenants include nine Pantry Gas Station and Convenience Store sites in Mississippi and Louisiana; Bucyrus International Inc., in South Milwaukee, Wisc., a mining equipment maker bought last month by Caterpillar; the Playboy Entertainment Group in Los Angeles; and an NYPD building at 300 Gold St., in Brooklyn, which historically housed the Transit Police Academy. 

Photo shows One Liberty's building at 435 Moreland Rd., Hauppauge, occupied by the Narda Microwave and Narda Satellite Networks, a subsidiary of L-3 Communications.

 

-------------------
Read more of Inside Long Island Business

 

Comments

We're revamping our Comments section. Learn more and share your input.

More news