One Liberty Properties, Inc. (NYSE: OLP), announced today that on June 3, 2016, it acquired a distribution facility in El Paso, Texas for $23.7 million. The 419,821 square foot facility, located on 24 acres, is net leased by a Fortune 1000 company through 2022. The acquisition was funded with cash on hand and the Company's line of credit. The Company is in the process of obtaining long-term debt financing on this property. One Liberty anticipates that commencing July 1, 2016, it will generate approximately $454,000 of rental income per quarter, excluding amortization of the related tangible assets.

"This transaction demonstrates our continuing efforts to discover value by identifying high quality assets to add to our portfolio and strengthen the stability of our cash flow," stated Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty. "This facility is well located in the growing southwest region and we are excited by the opportunity to own this first rate asset."

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, flex, and health and fitness properties, many of which are subject to long-term leases. Most of the Company's leases are "net leases", under which the tenant is responsible for real estate taxes, insurance and ordinary maintenance and repairs.