Developer buys property of Oahu's last remaining Kmart store

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James Campbell Co. LLC has purchased the leasehold interest in the Kmart store property in Kapolei, which is the last remaining Kmart store on Oahu.
The store, which is located at 500 Kamokila Blvd., is scheduled to close next month. James Campbell paid about $4.5 million for the leasehold interest in the store's property, utilizing a 1031 Exchange for the purchase. The exchange, which has become increasingly popular these days, allows an investor to sell a property to reinvest the funding in a new property and to defer all capital gain taxes. It's not immediately known which property James Campbell sold to make this exchange possible. The Kmart store property spans 129,418-square-feet of building space on roughly 10 acres of land.
Kmart's parent Sears Holding Co. has been closing both Sears and Kmart stores throughout the country including those in Hawaii. There only two stores in the state that's not scheduled to close just yet, one on Kauai and the other on the Big Island.

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