A Med City department store sold for $9.6 million early this month.
The 86,584-square-foot store at 20 25th St. SE that houses Kohl’s was purchased by Arizona-based VEREIT Real Estate, L.P., on July 1.
It was sold by Continental Properties of Wisconsin, which built the store in 1999. Kohl’s opened there in 2000.
The store was sold separately from the rest of the Broadway Commons retail complex that includes Michael's, Famous Footwear, DSW Shoe Warehouse, Bed Bath & Beyond, Five Below and Petco. The buildings that house those stores are owned by Austin, Texas-based Epic Real Estate Partners.
It looks like Kohl’s fans should not be worried about the future of the store.
The property was marketed as “Long-Term Net Lease to Investment-Grade Credit Tenant,” so it is safe to expect Kohl’s to continue to operate there for years to come.
Olmsted County estimated the total market value of the building, plus the related 8.6 acres of land, at $4.83 million for 2021-2022.