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3/16/21
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TDN Properties Inc paid $3.525 mil for the ground lease purchase of a newly developed Circle K property in Las Vegas. The property, located at 3220 North Pecos Rd, was sold by Grey Peak I LLC.
The property will open its doors in November 2021 and is situated on a 1.68-acre site. It features a nearly 5.2k sf convenience store and a 4.5k sf fueling canopy. It is located at a signalized intersection with nearby neighborhood shopping centers and national retailers including Wendy’s, AutoZone, Dollar General, 99 Cents Only Stores, Domino’s Pizza, Jack in the Box, and Walgreens, among others.
Chris Maling, David Maling and Richard Orosel with Avison Young represented both parties in the transaction.
“This opportunity offered the buyer a 15-year absolute triple-net ground lease with options to extend and no landlord responsibilities or expenses,” said Chris Maling. “This type of land ownership has been increasingly well received by investors over the past year as it offers stability and cash-flow in an essential needs property.”
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