SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 29, 2000
ONE LIBERTY PROPERTIES, INC.
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(Exact name of registrant as specified in charter)
Maryland 0-11083 13-3147497
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(State or other (Commission file No.) (IRS Employer
jurisdiction of I.D. No.)
incorporation)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
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<PAGE>
Item 2. Acquisition or Disposition of Assets.
On March 29, 2000 in an ordinary course of business transaction, a wholly
owned subsidiary of the Registrant acquired an approximately 110,179 square foot
retail center on approximately 7.8 acres located in El Paso, Texas for a
consideration of approximately $14,066,000. The property was financed at closing
with a $10,000,000 permanent first mortgage. The improvements consist of a one
story retail building, containing approximately 102,829 square feet, and a one
story outparcel building, containing approximately 7,350 square feet. The
principal building is occupied by Best Buy Co., Inc., Barnes & Noble, Inc., and
CompUSA, Inc.
The outparcel building is occupied by The Mattress Firm.
Loan Summary
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LENDER: General Electric Capital Corporation.
PRINCIPAL
AMOUNT: $10,000,000.00.
INTEREST RATE: 8.03%.
TERM/MATURITY: Term of ten years, maturing on April 1, 2010.
PAYMENTS: Based on a 30-year amortization schedule. The monthly
payment is $73,585.70.
PREPAYMENT: No prepayment is permitted except during the ninety
day period prior to the maturity date. However,
defeasance is available beginning on the earlier to
occur of (1) two years after the sale of the Loan in
a secondary market transaction and (2) the fourth
anniversary of the closing date.
RECOURSE: The loan is non-recourse except for customary "carve-
outs" and certain environmental matters which were
guaranteed by Registrant.
COMMITMENT
FEE: $50,000.
BARNES & NOBLE LEASE SUMMARY
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TENANT: Barnes & Noble Booksellers (Texas), L.P., a Texas
limited partnership, by assignment form Barnes &
Noble, Inc.
LEASE DATE: June 16, 1995.
ADDITIONAL
DOCUMENTS: Letter Agreement dated July 11, 1995.
PREMISES: 30,262 square feet.
TERM: Initial term of approximately 15 years, commencing
November 17, 1995 and expiring February 28, 2011.
ANNUAL RENT: Through November 30, 2000 - $438,799.00 ($36,566.58
per month)
December 1, 2000 - November 30, 2005 - $484,192.00
($40,349.33 per month)
December 1, 2005 - February 28, 2011 - $529,585.00
($44,132.08 per month)
(Option) March 1, 2011 - February 28, 2016 -
$584,056.60 ($48,671.38 per month)
(Option) March 1, 2016 - February 28, 2021 -
$642,462.26 ($53,538.52 per month) (Option) March 1,
2021 - February 28, 2026 - $706,617.70 ($58,884.80
per month)
PERCENTAGE
RENT: Payable annually and equal to (i) 3% of Tenant's
gross sales for the fiscal year in excess of (ii) the
fixed rent for such fiscal year.
SECURITY
DEPOSIT: None.
REAL ESTATE
TAXES: Tenant pays its proportionate share of real estate
taxes. If monthly escrows for same are required by an
institutional lender holding a first mortgage on the
property, Tenant will deposit monthly 1/12th of its
share of the then current or last determined annual
real estate taxes.
MAINTENANCE
AND REPAIRS: Tenant to maintain the interior plumbing,
window glass, plate glass and doors, HVAC systems and
other utility systems serving the Premises , door
openers and interior surfaces of the Premises. Tenant
must also keep the Premises free from waste and
nuisance and is responsible for pest control for the
Premises.
Landlord must make all structural repairs (including
foundation, bearing walls and roof), and must keep
the roof free from leaks, maintain
underground/concealed plumbing and maintain the
exterior surface of outside walls and downspouts and
gutters. Landlord is also responsible for termite
extermination.
RENEWAL
OPTIONS: Three for 5 years each, on 180 days notice; rent
during the option terms is as set forth in "annual
rent" above. If Tenant fails to give such notice, its
option nevertheless remains in effect until 15 days
after Landlord delivers to Tenant a reminder notice.
UTILITIES: All charges are paid by Tenant.
BEST BUY LEASE SUMMARY
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TENANT: Best Buy Stores, L.P.,a Delaware limited partnership.
GUARANTOR: Best Buy Co., Inc., pursuant to Guarantee dated as
of January 18, 1999.
LEASE DATE: As of January 18, 1999.
ADDITIONAL
DOCUMENTS: Letter dated September 16,1999 regarding Commencement
Date and Expiration Date.
PREMISES: 46, 066 square feet (rent, however, is calculated on
45,974 square feet).
TERM: Initial term of approximately 15 years, commencing
September 12, 1999 and expiring January 31, 2015.
ANNUAL RENT: Through January 31, 2010 - $482,727.00 ($40,227.25
per month)
February 1, 2010 - January 31, 2015 - $517,207.56
($43,100.63 per month)
(Option) February 1, 2015 - January 31, 2020 -
$540,194.52 ($45,016.21 per month)
(Option) February 1, 2020 - January 31, 2025 -
$563,181.48 ($46,931.79 per month)
(Option) February 1, 2025 - January 31, 2030 -
$586,168.56 ($48,847.38 per month)
SECURITY
DEPOSIT: None.
REAL ESTATE
TAXES: Tenant pays its proportionate share of the real
estate taxes.
MAINTENANCE
AND REPAIRS: Tenant to make all non-structural interior
repairs and routine maintenance (but only if less
than $1,000 per repair per year) of the HVAC and
other systems serving the Premises exclusively.
Tenant is also responsible for all damage caused, or
repair necessitated, by its construction of tenant
improvements, replacement of the roof or other
structural improvements, for one year after the
commencement date.
Landlord must maintain the common areas and make all
structural repairs, keep the Premises watertight, and
shall maintain, repair and replace the exterior of
the Premises (including the roof, roof membranes,
walls, foundations, gutters, parking and drive areas,
utility lines from the point of connection to the
Premises to the main line, and downspouts). Landlord
to replace obsolete or unrepairable HVAC, plumbing,
gas, electrical and other similar systems (and
components thereof) servicing all or part of the
Premises and all repairs to same costing in excess of
$1,000 per repair during the first 5 lease years
(Tenant is responsible for same thereafter, and at
expiration of the lease Landlord must pay Tenant the
unamortized costs of such replacement amortized over
a 10 year period). Tenant, however, is responsible
for any damage caused by or repair necessitated by
its construction of its improvements, its roof
replacement or other structural improvements for the
first year.
Landlord to make any modifications or repairs
necessitated by reasons "other than Tenant's peculiar
use".
RENEWAL
OPTIONS: Three for 5 years each, on 180 days notice; rent
during the option terms is as set forth in "annual
rent" above. If Tenant fails to give such notice, its
option nevertheless remains in effect until 30 days
after Landlord delivers to Tenant a reminder notice.
UTILITIES: All charges are paid by Tenant.
COMPUSA LEASE SUMMARY
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TENANT: CompUSA Stores L.P., by assignment from CompUSA Inc.
LEASE DATE: August 25, 1995.
ADDITIONAL
DOCUMENTS: Letter dated January 19, 1999.
PREMISES: 26,593 square feet.
TERM: Initial term of approximately 20 years, commencing
December 8, 1995 and expiring December 31, 2015.
ANNUAL RENT: Through December 31, 2000 - $345,709.00 ($28,809.08
per month)
January 1, 2001 - December 31, 2005 - $389,055.59
($32,421.30 per month)
January 1, 2006 - December 31, 2010 - $437,720.78
($36,476.73 per month)
January 1, 2011 - December 31, 2015 - $492,502.36
($41,041.86 per month)
(Option) January 1, 2016 - December 31, 2020 -
$554,198.12 ($46,183.18 per month)
(Option) January 1, 2021 - December 31, 2025 -
$623,605.85 ($51,967.15 per month)
(Option) January 1, 2026 - December 31, 2030 -
$701,523.24 ($58,460.28 per month)
(Option) January 1, 2031 - December 31, 2035 -
$789,280.24 ($65,773.35 per month)
SECURITY
DEPOSIT: None.
REAL ESTATE
TAXES: Tenant pays its proportionate share of the real
estate.
MAINTENANCE
AND REPAIRS: Tenant to maintain the interior of the Premises, its
signage,all systems serving the Premises exclusively,
and all glass and doors.
Landlord must maintain the exterior of the building,
roof system, foundation system, exterior walls and
structure.
RENEWAL
OPTIONS: Four for 5 years each, on 210 days notice. Rent
during the option terms is as set forth above. If
Tenant fails to give a notice, its option
nevertheless remains in effect until 30 days after
Landlord delivers to Tenant a reminder notice.
UTILITIES: All charges are paid by Tenant.
MATTRESS FIRM LEASE SUMMARY
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TENANT: Mattress Venture, L.P. d/b/a The Mattress Firm.
DATE: August 15, 1997.
PREMISES: Approximately 7,350 square feet of space.
TERM: Original term runs October 31, 1997 through October
31, 2002.
ANNUAL RENT: Through October 31, 2002 - $107,970.00 ($8,997.50
per month)
(Option) November 1, 2002 - October 31, 2007 -
$121,658.40 ($10,138.20 per month)
(Option) November 1, 2007 - October 31, 2012 -
$137,103.60 ($11,425.30 per month)
SECURITY
DEPOSIT: None.
REAL ESTATE
TAXES: Tenant pays its prorata share of the real estate
taxes in 1/12th monthly installments with minimum
rent, subject to year-end reconciliation. Tenant also
pays all taxes levied against its personal property
and trade fixtures. Tenant currently is paying
$465.50 per month.
MAINTENANCE
AND REPAIRS: Tenant to maintain the Premises, keep the
sidewalks, service-ways and loading areas adjacent
thereto neat, clean and free of rubbish at all times,
and arrange for garbage pickup at its own expense.
Landlord to maintain in good repair the foundation,
exterior walls (excluding plate glass windows, doors,
door closure devices and other exterior openings,
window and door frames, ceiling, molding, locks and
hardware, special store fronts, lighting, heating,
air conditioning, plumbing and other electrical,
mechanical and electromotive installation, equipment
and fixtures, signs, placards, decorations and
advertising media and interior painting or other
treatment of exterior walls) and roof of the
Premises.
RENEWAL
OPTIONS: Two for 5 years each, on 180 days notice. Rent
during the option terms is as set forth in above.
UTILITIES: Tenant pays all charges for utilities.
Item 7. Financial Statements
Financial statements relating to the acquisition described in Item 2
have not been included in this report and will be filed prior to May 28, 2000.
