The Inland Empire's Largest Industrial Sales Last Quarter Reflect a Growing Trend

In late May, Kohl’s sold its two distribution buildings in Southern California's Inland Empire for $195 million to Brookfield Asset Management. During Kohl’s quarterly earnings call a few weeks before this sale closed, the company gave little indication that it would be closing stores. But the retailer reports that the coronavirus pandemic caused net sales to decline by 44% to $2.16 billion in the quarter ending on May 2 compared to the same quarter in 2019. Selling these industrial properties helps to soften the blow to the company’s balance sheet.