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9/26/23
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A 55k sf, single-tenant retail property occupied by Kohl’s in Katy, TX was acquired by an out-of-state 1031 exchange buyer for $14.65 mil ($266/sf). The property, located at 25735 Nelson Way, was sold prior to completion of construction.
Situated on a 5.18-acre parcel, the store is set to open soon. It is 30 minutes from downtown Houston and is supported by more than 243,000 residents and 56,000 daytime employees within a five-mile radius. It is located off Interstate 10, State Highway 99 and U.S. Highway 90 and is within walking distance to Katy Mills, a 1.655 msf super-regional mall.
Matthew Mousavi and Patrick Luther with SRS Capital Markets represented the buyer and the seller, an institutional development company. SRS also advised the buyer on securing the loan provided by a regional credit union. The closing cap rate was 6.73%.
“This asset closed escrow prior to certificate of occupancy and the tenant opening for business,” said Luther. “The buyer was attracted to the quality of the new construction real estate and 12-year absolute triple net lease in place with Kohl’s.”
“SRS received a considerable amount of interest in this big box asset as it provided a passive income with limited landlord responsibilities in an income tax-free state,” added Mousavi.
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