A 55k sf, single-tenant retail property occupied by Kohl’s in Katy, TX was acquired by an out-of-state 1031 exchange buyer for $14.65 mil ($266/sf). The property, located at 25735 Nelson Way, was sold prior to completion of construction.
Matthew Mousavi and Patrick Luther with SRS Capital Markets represented the buyer and the seller, an institutional development company. SRS also advised the buyer on securing the loan provided by a regional credit union.
“This asset closed escrow prior to certificate of occupancy and the tenant opening for business,” said Luther. “The buyer was attracted to the quality of the new construction real estate and 12-year absolute triple net lease in place with Kohl’s.”
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