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.