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One Liberty Properties, Inc. (NYSE:OLP), an owner and manager of a geographically diversified portfolio consisting primarily of industrial properties, announced that it completed the sale of two restaurant properties and a portion of a retail property for a an aggregate sales price of approximately $8.7 million. The Company anticipates producing an aggregate gain on these sales of approximately $2.7 million.
The Company also entered into non-cancellable agreements to sell three restaurant properties and two retail properties for an aggregate sales price of $23.0 million. The Company anticipates that these sales will be completed before year-end for an aggregate gain-on-sale of approximately $10.0 million.
The Company also refinanced mortgage debt on two industrial properties for gross proceeds, before giving effect to $7.1 million of the refinanced amounts, of $13.0 million. The weighted average interest rate on the paid-off debt was 4.02%. The new debt bears a weighted average interest rate of 6.02% and a weighted average remaining term to maturity of 8.4 years.
Posted In: OLP
