GREAT NECK, N.Y., Oct. 25, 2017 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE:OLP), announced that it acquired, in a sale-leaseback transaction, a 224,749 square foot distribution facility/corporate headquarters on 16.41 acres located in Memphis, Tennessee for $8.0 million. The facility was renovated in 2014 and is net leased through 2027 to Dufresne Spencer Group Holdings, LLC, the largest licensee of Ashley Furniture Industries, Inc. The annual base rent during the initial year of the lease is approximately $573,000.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty commented, “The addition of this property further demonstrates our ability to acquire quality industrial properties that are critical to our tenants’ businesses. This recently renovated property is 100% leased and is well-positioned in close proximity to airport, rail and highway infrastructure to distribute the tenant’s products, while also serving as its corporate headquarters. Though markets remain competitive, we will continue to selectively add properties that increase our cash flow and stockholder value."

About One Liberty Properties:

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The primary business of the Company is to acquire, own and manage a geographically diversified portfolio consisting primarily of retail, industrial, restaurant, health and fitness and theater properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for real estate taxes, insurance and ordinary maintenance and repairs.