A San Diego real estate firm has purchased the property and building occupied by Greenwell Springs Kindercare for $1.2 million, according to sales documents.
Documents show that on Dec. 21, commercial property giant Realty Income bought the land at 11349 Greenwell Springs Road through a subsidiary called MDC Coast 15 LLC.
The seller is listed as KC Propco LLC, a Santa Monica, California-based real estate firm that operates as a subsidiary of KinderCare Learning Centers, Inc., which in turn operates Greenwell Springs Kindercare.
It’s currently unclear why Realty Income purchased the property, though typically such deals are done to generate available cash for the seller. Representatives for the buyer and seller did not return requests for comment prior to this afternoon’s deadline.
Realty Income is an S&P 500 company that owns more than 5,600 real estate properties across the country under long-term net lease agreements with regional and national commercial tenants. According to its website, Realty Income’s acquisition strategy usually involves acquiring and leasing back their real estate locations to tenants, acting as a source of capital to them.
The company has 111 Louisiana properties, comprising 1.6% of its total rental revenue.