Rancho Cordova, Calif. – The single-tenant asset is absolute and triple-leased to Kohl’s.
Built in 1987 as a Mervyn’s department store, the Kohl’s property in Rancho Cordova, Calif., underwent a major rehabilitation in 2008 when Kohl’s occupied the space, and has now sold for $11.25 million.Rancho Cordova, Calif. – Faris Lee Investments has completed the all-cash $11.25 million sale of a 76,158-square-foot single-tenant retail property in Rancho Cordova. The asset is absolute and triple-net leased to Kohl’s, which has 15 years remaining on its lease. Nicholas Coo, Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, American Realty Capital. The buyer was a Chicago-based private investor that represented itself in the transaction. Built in 1987 as a Mervyn’s department store, the building underwent a major rehabilitation in 2008 when Kohl’s occupied the space. The property is situated on 6.68 acres.
— Scott Reid