California public REIT buys Northern Tool + Equipment store

BUYER: Realty Income Properties 6 LLC (Realty Income Corp.), San Diego, Calif.
SELLER: DRW Partnership LLLP
PROPERTY: 1482 Brown Road, North Fort Myers
PRICE: $4.5 million
PREVIOUS PRICE: $603,100, April 2000
ATTORNEY ON DEED: Theodore Meyer, Esq.

PLANS, DESCRIPTION:
Realty Income Corp. purchased a 23,825-square-foot retail store for $4.5 million.

The price equated to $189 per square foot.

The building is operated as a Northern Tool + Equipment store. An affiliate of Northern Tool + Equipment has owned the property since 2000. Northern Tool + Equipment plans to lease and continue to operate the location.

A large public real estate investment trust, Realty Income, owned 70.7 million square feet of commercial space valued at $11.15 billion as of Dec. 31, 2014.