On Jun 15, 2015, One Liberty Properties Inc. OLP acquired a retail center in Manahawkin, NJ for around $43 million through a joint venture (“JV”) with the affiliates of The Hampshire Companies and MCB Real Estate, LLC. The acquisition of the 318,000-square foot center is in sync with One Liberty Properties’ disciplined approach toward enhancing the value of its portfolio.
Notably, the Great Neck, NY-based real estate investment trust (“REIT”) owns 50% interest in the JV, which is its first partnership with The Hampshire Companies. Notably, Hampshire Companies is a Morristown, NJ-based privately held firm engaged in acquisition, leasing, development, managing, financing, repositioning, and selling of real estate. The purchase price included assumption of around $26 million of new mortgage debt related to the acquisition.
One Liberty Properties is engaged in owning, acquiring and managing a diverse portfolio of commercial real estate under long-term leases. These leases are essentially of the ‘net leases’ type, wherein the onus of paying real estate taxes, insurance and ordinary maintenance and repairing expenses lies upon the tenant. Nevertheless, this latest acquisition underscores the company’s continued focus on high-quality assets which are expected to provide better returns for shareholders.
Investors interested in the REIT industry may consider some top-ranked stocks like Arbor Realty Trust Inc. ABR, Strategic Hotels & Resorts, Inc. BEE and CareTrust REIT, Inc. CTRE.
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