One Liberty Properties Acquires Ground Leased Pep Boys Store in ......

GREAT NECK, N.Y., Jun 23, 2008 (BUSINESS WIRE) -- PBY PowerRating -- One Liberty Properties, Inc. (NYSE:OLP) announced that on June 20,2008 a wholly-owned subsidiary acquired approximately 2 acres of landin Everett, Massachusetts, which is ground leased to Pep Boys - Manny,Moe & Jack of Delaware, Inc. The purchase price was $2.1 million. Theproperty, situated along Revere Beach Parkway (Rt. 16) near downtownBoston, is improved by an approximately 18,572 square foot auto partsand service center constructed by the tenant and leased forapproximately 11 more years plus options to extend.

Patrick J. Callan, Jr., President and Chief Executive Officer ofOne Liberty, commented that the asset "was chosen in part due to itsexcellent location on a main thoroughfare in a densely populated area"and further commented that the "ground leased nature of the land,whereby the building and other improvements on the land were paid forby the tenant, are strong indications of the tenant's long-termcommitment to the site."

One Liberty is a New York-based REIT that specializes in theacquisition and ownership of a diverse portfolio of real estateproperties under long term net leases. One Liberty's leases generallyprovide for contractual rent increases with all operating expenses andmost or all other property related expenses paid by the tenant. Formore information on One Liberty, please visit our website atwww.onelibertyproperties.com.

Materials included in this filing may contain "forward-lookingstatements" within the meaning of the Private Securities LitigationReform Act of 1995. Such forward-looking statements involve known andunknown risks, uncertainties and other factors that could cause actualresults to be materially different from historical results or from anyfuture results expressed or implied by such forward-lookingstatements. Statements that include the words "may," "will," "would,""could," "should," "believes," "estimates," "projects," "potential,""expects," "plans," "anticipates," "intends," "continues," "forecast,""designed," "goal," or the negative of those words or other comparablewords should be considered uncertain and forward-looking.

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