Northmarq brokers sale of two Kohl’s properties totaling $26.25M
CHICAGO — Northmarq’s Chicago Commercial Investment Sales team of Joshua Dicker and Bryn Feller arranged the sale of two single-tenant Kohl's properties totaling $26.25 million in Jensen Beach, Florida, and Gilroy, California.
Jensen Beach, Florida | $13.7 million
Northmarq represented the seller, SAR Enterprises, in the $13.7 million sale of a Kohl's department store located at 2751 NW Mall Loop in Jensen Beach, Florida.
Built in 2007, the 89,060-square-foot property sits on 8.69 acres and operates under a double-net lease. The department store is situated directly off U.S. Route 1, which carries approximately 61,127 vehicles per day, and is positioned within Jensen Beach's dominant retail corridor.
“Florida's Treasure Coast remains one of the most sought-after net-lease markets in the country, and Jensen Beach is a clear example of why. This Kohl's sits directly on U.S. Route 1 within Martin County's dominant retail corridor — irreplaceable real estate in a market where developable land is scarce,” said Dicker. “The submarkets north of West Palm Beach continue to see real population and income growth, and investor demand for well-located Florida retail has stayed strong through this cycle.”
Gilroy, California | $12.55 million
Northmarq represented the buyer in the $12.55 million acquisition of the Kohl's located at 6765 Camino Arroyo Dr. in Gilroy, California. The seller was Joule Gilroy Crossing Owner LLC.
Built in 2004, the property totals 88,408 square feet and sits on 7.63 acres. Both properties feature a Sephora shop-in-shop, a partnership Kohl's has leveraged to drive meaningful beauty sales growth nationally.
“This is the second Kohl's acquisition we've completed with this client, which speaks to their conviction in the format,” Dicker added. “Freestanding big box is trading at an attractive basis today — large, well-located parcels with low rent per square foot, durable occupancy costs and real redevelopment optionality.”
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
