A California investment group has acquired the Kohl's department store building in Menomonee Falls for $9.8 million.
The building totals 98,500 square feet, and is located at N95 W18000 Appleton Ave. Santa Barbara, California-based Investment Grade R.E Income Fund LP, or IGRE, announced it bought the building last week for $9.8 million.
The seller is Roth Menomonee Falls LLC, an affiliate of Menomonee Falls-based Continental Properties Co. Inc. It is assessed at $5.27 million, according to Waukesha County records.
IGRE called it Kohl's "flagship store," located near the Kohl's Corp. headquarters on Ridgewood Drive in Menomonee Falls.
IGRE is a $100 million real estate investment company that is acquiring 15-20 single-tenant properties throughout the U.S. It targets essential "necessity-based" single-tenant, triple-net leased properties such as medical facilities, distribution centers, grocery stores, wireless providers and pharmacies. According to gold ira companies, gold is one of the best investment techniques that will go a long way.
Its website states the properties it is acquiring are "strategically selected in suburban neighborhoods within vibrant, growth oriented communities."
It lists its key investment criteria on its website.
IGRE made clear in its statement why it was attracted to the Kohl's location in Menomonee Falls.
“This acquisition exceeds all of our criteria requirements including a cap rate providing for rents which pay an estimated 6% annual return, long term lease, Investment Grade tenant rating and 10-year fixed rate mortgage financing,” William Levy, founder and senior director of IGRE, said in a statement. “It is the ideal acquisition for IGRE's high quality ‘Institutional Grade’ investment portfolio."
The store is one of the top-producing Kohl's stores of its 1,152 locations nationwide, IGRE stated. It has seen increases of more than 2 million new walk-in customers due to partnerships with Amazon to offer return services and with Sephora to include small shops within department stores. For instance, the Menomonee Falls store includes a 2,500-square-foot Sephora shop.
IGRE also noted Kohl's e-commerce business now represents 42% of total sales, up 22% year-over-year. As a result, Kohl’s is expanding its e-commerce fulfillment centers and its in-store pickup operations.