Citybizlist in Washington, D.C., reports that Cole Credit Property Trust IV Inc. plans to acquire The Marquis in Williamsburg for $14.4 million this month.
Cole will acquire the buildings occupied by Kohl’s Department Stores and Dick’s Sporting Goods, with these assets totaling 134,911 square feet.
The lease on Kohl’s building, located at 100 Gristmill Plaza, expires in January 2028. Dick’s lease at 120 Gristmill Plaza, expires in 2022. The Marquis is a power center, located off Interstate 64, that is anchored by Target.
Cole Credit Property Trust Inc. IV, based out of Phoenix, Ariz., is a non-traded public real estate investment trust that invests in income-producing, retail properties primarily leased to tenants under long-term, net leases.
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