"We went in on a short timeframe. People know us," Joseph Acker, in-house attorney for Sandor Development Co. He tells GlobeSt.com that the Menomonee Falls, WI-based Kohl's Corp. has 15 years left on its lease plus options for 3865 S. Carrier Pkwy.--and the plan is to get the tenant to exercise an early option. "If they don't execute, we've still got a good building and a good location," he stresses. Its neighbors are Target, Home Depot and Starbucks.
Acker says the inherited lease has several "good rent bumps." The seller of the 10.8-acre asset is Dallas-based Greenway Investment Co., which was represented by Sean Byrne of the Byrne Co., also in Dallas. Greenway developed the out-parcel in 1999.
Acker says Sandor used 1031 exchange funds from the sale of a shopping center in Indianapolis, but it wasn't on a short fuse to close the deal. "We had a fair amount of time left. We had no reason to wait," he says. "We had done all our due diligence and we were ready to close."
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