United Capital Corp. (NYSE Amex: AFP) today reported that it has taken title to the 61,000 square foot Bentley Long Island dealership located at 115 South Service Road in Jericho, New York. The Company successfully negotiated a deed-in-lieu to this newly renovated, state-of-the-art showroom and service center which is conveniently located on four acres just off the Long Island Expressway. In addition, United Capital entered into a new long-term lease with the dealer’s new owner, Champion Rescue, LLC. The Company held a $13.4 million first mortgage on the property which was acquired from Bank of America in 2009.
In commenting on the news, A.F. Petrocelli, United Capital’s Chairman and President, noted “This acquisition represents another great long-term addition to our portfolio and demonstrates our commitment to finding value, even in uncertain times.”
Michael Lamoretti, Vice President of United Capital’s Real Estate Operations added, “We have had tremendous interest in leasing this property since acquiring the mortgage last year and are pleased to have retained such a prestigious franchise.”
Certain statements in this press release and other statements made by the Company or its representatives that are not strictly historical facts are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. The forward-looking statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results, performance and/or achievements of the Company to differ materially from any future results, performance or achievements, expressed or implied, by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, and that in light of the significant uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives or plans of the Company will be achieved. The Company also assumes no obligation to publicly update or revise its forward-looking statements or to advise of changes in the assumptions and factors on which they are based. See our 2009 Annual Report on Form 10-K for a discussion of risk factors that could impact our future financial performance and/or cause actual results to differ significantly from those expressed or implied by such statements.