Palm Coast Kohl’s Property Changes Hands for $13.67 Million

This was an investment transaction. Kohl’s was not sold, only the property.

Palm Coast, FL – June 28, 2014 – Cole KO Palm Coast FL LLC, a Delaware limited liability company sold the Kohl’s property on Palm Coast Pkwy (Lot 3, PC Parkway Plaza) to Palm Coast Retail LLC, also a Delaware Limited liability company for $13,675,000. The transaction closed June 9th.

The sale was likely investment driven, involving the real estate only. Kohl’s will remain as a tenant. The two parties to the transaction share the same address in Wilmington, Delaware, but the transaction was not a simple transfer between entities with essentially identical ownership. If that were the case, only nominal doc stamps ($.70) would have been due. This deal generated $95,725 in doc stamps payable.

The image below predates the construction of the McDonald's and Verizon stores to the west of Kohl's.

Aerial view of Kohl's Store in Palm Coast, FL -

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