LOS ANGELES—An 88,000-square-foot Kohl’s retailstore has traded hands for $22 million with a 4.8% cap rate in a private transaction with an unnamed buyer and an unnamed seller. The 4.8% cap rate broke the record for the lowest cap rate in the US by 50 basis points, and it was the lowest cap rate for a single-tenant transaction over $20 million.

“The opportunity to buy such a high quality asset is unusual in the market,” Ed Hanley, president of Hanley Investment Group, tells GlobeSt.com. “You don’t see too many credit worthy, triple-net-leased assets come available in Southern California. If they do, they are grabbed pretty quickly by private investors.” Hanley’s colleague EVP Eric Wohl adds, “The Los Angeles area Kohl’s represents an excellent opportunity for an investor to take advantage of the tax savings derived from the depreciation of the building and improvements.” Hanley and Wohl represented the seller in the transaction along with Kevin Fryman.

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