OfficeMax Building Brings in $4.6M

NEWARK, DE-Great Neck, NY-headquartered REIT One Liberty Properties Inc. has acquired the 23,500-sf retail structure at 106 Geoffrey Dr. for approximately $4.6 million. One Liberty focuses its purchasing efforts on net-leased single-tenant real properties, so this building that is fully leased to retail office supply chain OfficeMax Inc. constitutes a perfect fit for the REIT.

Located in the Metro Center subdivision off Church St., the OfficeMax building is a single-story structure with a brick façade. According to New Castle County land use records, it was originally developed in 1994. “The acquisition of this property continues the company’s objective of seeking opportunistic acquisitions of improved net-leased real property leased to quality tenants,” says One Liberty president and CEO Jeffrey Fishman. The company paid for the purchase by handing over about $1.5 million in cash, and assuming the property’s pre-existing mortgage debt of approximately $3.1 million.