ROUND LAKE BEACH, Ill.—March 18, 2015—Lee & Associates, the largest broker-owned commercial real estate firm in the nation, negotiated the $12,700,000 million sale and purchase of a Kohl’s store, located at 230 East Rollins, Round Lake Beach, Illinois.
Al Apuzzo of Lee & Associates-North San Diego County , represented the buyer, Nipoti, LLC.
According to Apuzzo, the buyer, who purchased the property as part of a 1031 Exchange, plans to hold the 87,000-square-foot property indefinitely. With more than 10 years left on their lease, Kohl’s will remain as the property’s sole tenant.
Ryan Barr and Ryan Bennett, principals of Lee & Associates – North San Diego County and founders of Barr & Bennett Net Leased Investment Group, represented the seller, Cadillac-Sand Realty LLC.
“The seller sold the property to capitalize on its long-term absolute triple-net (NNN) lease and the current competitive net-leased market,” said Barr.
“This was an aggressive cap rate for a fee simple Kohl’s transaction today,” Bennett added.