A California-based real estate investment trust purchased a former Toys “R” Us building, which was recently remodeled and reopened as a Burlington store, for $7.13 million, according to state records.
The building is located at 2433 S. Green Bay Road. It was renovated last year and in early March reopened as Burlington Stores Inc.‘s new Racine location. Formerly known as Burlington Coat Factory, Burlington moved there from its former location at Regency Mall.
The building’s new owner is an affiliate of San Diego-based Realty Income Corp. The seller is Chicago-based KLA Development Portfolio Owner LLC, which had just acquired the building in January 2019 for $1.4 million.
The new 45,000-square-foot store was given an updated and fresh layout, and has approximately 70 employees. It is currently closed due to the coronavirus pandemic.
According to its website, Realty Income is the largest publicly-traded net lease REIT by equity market capitalization. It focuses on acquiring freestanding, single-tenant properties under long-term net lease agreements.
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