The Great Neck real estate investment trust One Liberty Properties Inc. reports that it has made five real estate buys so far this year. The transactions come after the company in 2009 had stepped back in from acquiring new properties.
In July the company paid $3.84 million for three Wendy's fast food restaurants in Pennsylvania in a sale and lease-back transaction with an initial 20-year term and a nine-year renewal option.
In June the company paid $9 million for an 88,000 square foot retail department store on 7 acres in Kansas City, Mo.; the property is leased to a Kohl's Department Store through 2025.
In April the company paid $1.3 million for a 6,000 square foot retail property in Monroeville, Penn., a suburb of Pittsburgh, leased by a Men's Wearhouse clothing store.
"We believe that the current market is offering a number of opportunities and we expect to continue to add to the acquisitions that we have completed thus far in 2010," the company said in a news release.
One Liberty Properties specializes in buying retail, industrial and office space under long-term lease. Most of its leases hold the tenant responsible for real estate taxes, insurance and ordinary maintenance and repairs.
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