One Liberty Properties Acquires a CarMax Property

GREAT NECK, N.Y.--April 6, 2004--One Liberty Properties, Inc. announced that it acquired an approximately 35,300 square foot auto dealership located in Knoxville, Tennessee. The property is leased to CarMax Auto Superstores, Inc., a subsidiary of CarMax, Inc. . CarMax, Inc. is also an obligor under the lease. The purchase price was approximately $11.4 million. A portion of the purchase price was paid in cash and a portion by the assumption of a pre-existing mortgage in the approximate amount of $7.1 million.

Jeffrey Fishman, President and Chief Executive Officer of One Liberty, commented that "the acquisition of this property continues the Company's objective of acquiring quality real property net leased on a long-term basis."

One Liberty is a New York-based REIT that specializes in the acquisition and ownership of a diverse portfolio of real estate properties under long term net leases. One Liberty's leases generally provide for contractual rent increases with substantially all operating expenses paid by the tenant. For more information on One Liberty, please visit our website at www.onelibertyproperties.com.

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