The structure was built in 1979 for Venture, a defunct retailer, and then bought by Kimco, which retrofitted it for Kohl's needs. The warehouse, situated on about 15 acres, is the distribution base for the chain's Texas stores.
Steve Henderson, a senior director for Hartford, CT-based Tremont Realty Capital, arranged the 19 1/2-year loan. The fully amortized permanent loan bears a 6.6% interest rate, he tells GlobeSt.com. Northwestern Mutual provided the financing.
Corsicana's positioning along the main arteries connecting north and south Texas make it an ideal distribution point for Kohl's, which has been pushing an expansion in the Lone Star State for better than a year.
The deal, says Henderson, was a routine refinance, with no complications. Kimco is one of the nation's largest shopping center REITs, owning in excess of 66 million sf in 500 centers in 41 states.
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