MEMPHIS, TN-An affiliate of Realty Income Partners of Escondido, CA, has acquired the Sam's Club at 2150 Covington Place here for $11.3 million.
Realty Income Properties 25 LLC purchased the nearly 15-acre property from Dune SC Sub II LLC, an entity affiliated with Dune Real Estate Partners of New York City, according to a report in the Memphis Business Journal. The nearly 111,000-square-foot building was built in 1986 .
Realty Income announced today that revenue, for the quarter ended June 30, 2013, increased 63.0% to $184.3 million as compared to $113.1 million, for the same quarter in 2012. Revenue, for the six months ended June 30, 2013, increased 58.1% to $355.5 million as compared to $224.9 million, for the same period in 2012.
In its report, Realty Income states that during the second quarter of 2013, Realty Income invested $738.1 million in 190 new properties and properties under development or expansion in 32 states. Those properties are 100% leased with a weighted average lease term of approximately 14 years and an initial average lease yield of 6.8%. In addition, approximately 70% of the revenue generated by those acquisitions is from investment grade tenants, the company states in the report. See story in the Memphis Business Journal.
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