Company leases locations to chain store operators.
WARREN -- A California-based real estate corporation has bought Rite Aid stores Tuesday in Cortland, Howland and Champion for a total $7.7 million.
The stores at 2154 Elm Road, Howland; 569 S. High St., Cortland; and 5001 Mahoning Ave., Champion; were acquired by Realty Income Corp. of Escondido, Calif.
According to the Trumbull County Auditor's office, Realty Income Corp. paid:
U $3,063,734 to Cortland (High Street) LLLP for the Cortland building.
U $2,453,561 to Howland (Elm Road) LLLP for the Howland property.
U $2,192,825 to Champion (Route 45) LLLP for the Champion building.
Conveyance fees paid to Trumbull County on these three transactions totaled $30,813.
Other information about the three deals was not available from either the buyer or the sellers.
Realty Income is a self-administered real estate investment trust that buys and manages mostly single-tenant retail properties. It focuses on acquiring locations from chain store operators, then leasing them back through long-term agreements, generally ranging from 15 to 20 years.
According to its Web site, Realty Income Corp. owns more than 1,400 retail properties containing some 11 million leasable square feet in 48 states.
Its properties are leased to 85 retail chains in 28 retail industries, with an occupancy rate of 98.1 percent.
Top tenants include childcare facilities; restaurants; and convenience, auto parts, and auto service stores.
In addition to its real estate portfolio, the company's wholly owned subsidiary, Crest Net Lease, Inc., had investments in a portfolio of 37 retail properties in 13 states. These properties are held for sale.