UNITED STATES
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) November 21, 2006
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ONE LIBERTY PROPERTIES, INC.
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(Exact name of Registrant as specified in charter)
Maryland 001-09279 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
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
-- Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
-- Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
-- Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
-- Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement.
On November 8, 2006, registrant announced that OLP Baltimore LLC, a wholly-owned
subsidiary of the registrant ("Buyer"), entered into a Purchase and Sale
Agreement with FR Hollins Ferry, LLC ("Seller"), pursuant to which the Seller
agreed to sell, and the Buyer agreed to purchase, an industrial building
situated on approximately 28 acres in Baltimore, Maryland consisting of
approximately 367,000 square foot grade level space for a purchase price of
$32.2 million.
On November 21, 2006, Buyer and Seller entered into the First Amendment to
Purchase and Sale Agreement, pursuant to which the Purchase and Sale Agreement
was amended (i) to extend the due diligence period afforded to Buyer from
November 24, 2006 to November 30, 2006 and (ii) to extend the closing date from
November 30, 2006 to December 7, 2006. The Buyer may terminate the contract
within the due diligence period for any reason.
Reference is made to the registrant's 8-K filed on November 8, 2006 with respect
to the Purchase and Sale Agreement.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company Transactions.
Not applicable.
(d) Exhibits.
10.1 First Amendment to Purchase and Sale Agreement,
dated as of November 21, 2006, between FR Hollins
Ferry, LLC and OLP Baltimore LLC.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
Date: November 27, 2006 By: /s/ Simeon Brinberg
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Simeon Brinberg
Senior Vice President
EXHIBIT 10.1
FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
This First Amendment to Purchase and Sale Agreement (this "Amendment")
is dated as of November 21, 2006 and is made by and between FR HOLLINS FERRY,
LLC, a Delaware limited liability company having an address at c/o SunTrust
Equity Funding, LLC, 303 Peachtree Street, 24th Floor, MC 3951, Atlanta, Georgia
30308 (the "Seller") and OLP BALTIMORE LLC, a Maryland limited liability company
having an address at 60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
(the "Buyer").
W I T N E S S E T H :
- - - - - - - - - -
WHEREAS, Seller and Buyer previously entered into that certain Purchase
and Sale Agreement dated November 6, 2006 (the "Contract") regarding the sale by
Seller and the purchase by Buyer of the "Premises" (as such term is defined in
the Contract); and
WHEREAS, Seller and Buyer now wish to modify the Contract on the terms
herein provided.
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the sufficiency of which being hereby acknowledged, the parties
hereto do hereby agree as follows:
1. Capitalized terms. Capitalized terms used herein but not defined
herein shall have the respective meanings ascribed thereto in the Contract.
2. Due Diligence Date. The "Due Diligence Date" (as defined in Section
13 of the Contract) is hereby extended from November 24, 2006 to 5:00 p.m. local
time in Baltimore, Maryland on Thursday, November 30, 2006 with the same force
and effect as if "November 30, 2006" were the Due Diligence Date originally set
forth in the Contract.
3. Closing. As a result of the extension of the Due Diligence Date
contained in Paragraph 2 above, the "Closing Date" set forth in Section 1 of the
Contract is hereby extended from November 30, 2006 to December 7, 2006, and the
references in the Contract to "November 30, 2006" in Section 5c and Section
8(ii) of the Contract are also modified to be "December 7, 2006".
4. Escrow Agent; SunTrust. Escrow Agent joins in the execution of this
Amendment to acknowledge and agree to the foregoing to the extent the Contract
modifications contained herein are deemed also to be a modification of that
certain Escrow Agreement dated November 6, 2006 among Seller, Buyer and Escrow
Agent. SunTrust Equity Funding, LLC joins in the execution of this Amendment to
consent to the foregoing and to acknowledge its continuing reaffirmation of the
Seller's representations and warranties set forth in Section 11 of the Contract
and its continuing liability for any damages permitted against Seller in favor
of Buyer pursuant to the indemnity contained in Section 29 of the Contract,
subject, however, to all of the qualifications, limitations and applicable time
periods set forth in the Contract.
5. Ratification; Miscellaneous. Except as expressly modified by this
Amendment, the Contract remains unmodified and in full force and effect and is
hereby ratified and confirmed in all respects by the parties. This Amendment may
be executed in counterparts, all of which when taken together shall constitute
one and the same instrument, and this Amendment may be executed and delivered by
fax or email transmission with the same effect as if originals were exchanged.
IN WITNESS WHEREOF, this First Amendment has been executed as of the
date first set forth above.
SELLER:
FR HOLLINS FERRY, LLC, a Delaware limited
liability company
By: MRLL, LLC, a Delaware limited liability
company, its Sole Member
By: SunTrust Equity Funding, LLC, a Delaware
limited liability company, its Sole Member
By: _______________________
Name:
Title:
[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]
BUYER:
OLP BALTIMORE LLC, a Maryland limited liability
company
By:
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Name:
Title:
ESCROW AGENT:
LAWYERS TITLE INSURANCE CORPORATION
By:
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Name:
Title:
SUNTRUST EQUITY FUNDING, LLC, a Delaware
limited liability company
By:
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Name:
Title: