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7/23/12
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A single-tenant, NNN leased retail property occupied by a Circle K Gas & Convenience store in Phoenix, AZ sold for $2.285 mil ($737/sf). Built in 1987, the property totals 3.1k sf and is located at 1901 West Cactus Rd, east of Black Canyon Fwy at 19th Ave. It is near several apartment complexes and commercial businesses with a traffic count in the surrounding area of more than 50,000 cars per day.
Chris Maling and David Maling, senior vice presidents with Colliers International represented the seller, Fullerton-based D.E.E Holdings LLC. The buyer was a family trust from La Jolla and was repped by Jon Boland of Voit Real Estate Services in San Diego. The transaction closed at a 7.35 percent cap rate.
“This investment offered the buyer no landlord responsibilities as well as 12 years remaining on the long-term lease with several rental increases during that time,” said David Maling. “Single tenant triple net properties with a national credit retailer such as this offer a stable and passive investment with favorable year over year returns.”
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