LIVERMORE, CA-The long-term ground lease beneath an 89,000-sf Kohl’s department store here has changed hands for $10.65 million. The purchase price represents a 5.4% capitalization rate, according to one of the brokerage firms in the deal, Faris Lee Investments.

The new owner, C & D Livermore LLC of Los Gatos, CA, was completing an IRS 1031 exchange, according to its broker, Faris Lee’s Dennis Vaccaro. The seller, Phoenix, AZ-based Univest/Verus-Livermore LP, was represented by Kase Abusharkh of Sperry Van Ness.

The new single-tenant property is located at 2900 Las Positas Rd. The lease may be extended by Kohl’s in five-year increments for up to 40 years, according to Vaccaro.

“During escrow we experienced massive fluctuations in the lending marketplace which could have derailed the purchase for the buyer,” says Vaccaro. “In order to ensure a less turbulent closing process, Faris Lee … held the lender in-place with an early rate-lock agreement. Escrow closed upon the tenant opening for business… .”

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