The building currently occupied by Petsmart on Airline Highway, near the Cortana Mall, was sold to a San Diego firm, according to sales documents.
California-based Realty Income Corporation, an S&P 500 company, bought the building through MDC Coastal 12 LLC in a deal that was filed earlier this week. The real estate investment firm purchased the building from CIM Group of Phoenix.
The property exchanged hands for a recorded price of $10 “cash in hand.”
Earlier in December, Realty Income Corporation bought the Winn Dixie building on Coursey Boulevard from CIM Group, also for $10 “cash in hand.” The corporation also purchased the property and building occupied by Greenwell Springs Kindercare last January.
According to its website, Realty Income’s acquisition strategy usually involves acquiring and leasing back their real estate locations to tenants.
