Los Angeles — The seller was a Los Angeles-based private investor represented by Ed Hanley, Kevin Fryman and Eric Wohl of Hanley.
Hanley Investment Group has negotiated the sale of an 88,000-square-foot Kohl’s, located in the Los Angeles area, for nearly $22 million. According to Hanley, the sale of the single-tenant triple-net leased property represented a national record-breaking low cap rate of 4.8 percent.
“According to our CoStar research, this sale represented the all-time lowest cap rate ever for a single-tenant Kohl’s in the United States,” said Ed Hanley, president of Hanley Investment Group.
Hanley also added that this Kohl’s transaction represented the lowest cap rate for a single-tenant transaction over $20 million located in a non-urban setting. Kohl’s has 14 years remaining on the initial term with strong increases and options to extend. The buyer was a private northern California 1031 Exchange investor. The seller was a Los Angeles-based private investor represented by Ed Hanley, Kevin Fryman and Eric Wohl of Hanley Investment Group.