Great Neck, New York - January, 19, 1995 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired, as part of a single transaction and for a consideration of approximately $4,499,000, 16 real estate assets and one mortgage receivable. The investments include the land and improvements of 13 service stations located in Michigan, the land and a junior mortgage on a movie theater in Seattle, Washington, the land under a frozen food warehouse in Columbus, Ohio and the lease position on a frozen food warehouse located in Miami, Florida. The properties are all net leased on a long term basis to third parties with current expirations ranging from 2004 to 2051, and certain tenant renewal rights. One Liberty previously held first mortgage liens on the 13 Michigan properties, all of which were merged into the real estate investment upon the acquisition leaving them free and clear of debt. The Seattle land and mortgage positions are subject to a first mortgage of approximately $499,483, and the Columbus land to a first mortgage of approximately 1,240,520. The Miami position is leased from a third party with a current expiration of 2010 and certain renewal rights.
The acquisition was made from a Gould Investors L.P., an affiliated entity and the majority owner of the common stock of One Liberty. The consideration paid for the properties was made up of 1,030,000 restricted convertible preferred shares and 173,719 common shares of BRT Realty Trust (NYSE:BRT). One Liberty's Board received an independent fairness opinion from an investment broker in which such broker advised that the transaction is financially fair to the One Liberty shareholders.