Kohl’s store purchased in 1031 exchange

Retailer holds ground lease for up to 60 years

A limited liability company has completed a 1031 exchange for an 89,000-square-foot Kohl's retail property in Livermore, Calif., for a price of nearly $10.7 million. Los Gatos, Calif.-based C & D Livermore LLC purchased the property from Phoenix, Ariz.-based Univest/Verus-Livermore LP. The single-tenant property, which was built in 2007, is ground-leased to Kohl's Corp., an operator of more than 730 discount department stores in 41 states. The triple-net lease is for 20 years with eight five-year options. The property is situated on 9.54 acres at 2900 Las Positas Road. ...