Realty Income Corp. buys Palmetto FedEx building

BUYER: Realty Income Properties 5 LLC, Escondido, Calif.

SELLER: Scannell Revex #108 LLC

PROPERTY: 11915 E. 31st Terrace, Palmetto

PRICE: $14.26 million

LAW FIRM ON DEED: Realty Income Corp., Escondido, Calif.

PLANS, DESCRIPTION: Escondido, Calif.-based Realty Income Corp. purchased the 125,520-square-foot FedEx distribution facility in Palmetto for $14.26 million.

The price equated to $114 per square foot.

In early March, the company announced an agreement to buy 33 properties in 17 states for $544 million. The portfolio reportedly covered several distribution properties from FedEx Corp., Aviall Services, Caterpillar and International Paper.

Officials with the public real estate investment trust declined to comment on the purchase because not all of the properties in the portfolio have been officially sold.

Founded in 1969, Realty Income Corp. got its start buying freestanding, single-tenant properties leased to retail chains under long-term lease agreements. Its main business plan is still focused on retail sale-leasebacks, transactions to buy property with an agreement to rent it to the former owner for a set time period.