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Phoenix — CBRE has completed the sale of a single tenant net leased Kohl’s department store at the Alameda Crossing shopping center in Avondale, Ariz. The 88,402-sq.-ft. retail property on 8.89 acres commanded a price of $10.6 million.
CBRE’s Phoenix office represented both the buy 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.
“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 Joseph Compagno, VP with CBRE’s Phoenix office. “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.”