LIVERMORE, CA-The long-term ground lease beneath an 89,000-sfKohl's department store here has changed hands for $10.65 million.The purchase price represents a 5.4% capitalization rate, accordingto one of the brokerage firms in the deal, Faris LeeInvestments.
The new owner, C & D Livermore LLC of Los Gatos, CA, wascompleting an IRS 1031 exchange, according to its broker, FarisLee's Dennis Vaccaro. The seller, Phoenix, AZ-basedUnivest/Verus-Livermore LP, was represented by Kase Abusharkh ofSperry Van Ness.
The new single-tenant property is located at 2900 Las PositasRd. The lease may be extended by Kohl's in five-year increments forup to 40 years, according to Vaccaro.
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