CBRE has completed the sale of a single tenant net leased Kohl’s department store located at 1611 N. Dysart Rd. in Avondale, Ariz. The 88,402-square-foot retail property commanded a sale price of $10.6 million.
Joseph Compagno Vice President with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was La Jolla, Calif.-based Collins Family Trust, Stanford Decedents Trust and Sarn Family Trust. The buyer was Investors Associated LLP of Oconomowoc, Wis.
“It was very important to the seller to close this transaction in December. We accomplished that goal for the seller. The seller was looking for the broadest marketing exposure available to buyers of single tenant credit retail. We had a relationship with a 1031 exchange buyer out of the Midwest, who just sold a Walgreens portfolio and was looking for another triple net acquisition,” said CBRE’s Compagno. “The buyer was looking for a safe and stable income stream and they accomplished that with the acquisition of this Kohl’s. Kohl’s is one of the top rated retail tenants in the United States with a “BBB+” investment grade credit rating.”
Located at the northeast corner of Dysart and McDowell Roads, just north of the I-10 Freeway, the property is situated within the Alameda Crossing shopping center on 8.89 acres. Retailers adjacent to Kohl’s include Sprouts Farmers Market, Jo-Ann Fabric, Anna’s Linens, Big 5 among others. The property also benefits from excellent population density and demographics, with more than 226,000 people in a five-mile radius and an average household income of $68,490 within a one-mile radius.
Kohl’s is a specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, beauty and home products. Based in Menomonee Falls, Wis., Kohl’s operates 1,158 stores in 49 states with 30,000 employees.
Joseph Compagno specializes in the sale of net leased retail investments across the United States. His retail team works on the behalf of both private and institutional owners.