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11/25/25
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A newly constructed, 3.4k sf single tenant, net leased ARCO ampm in Stockton sold for $10.2 mil ($3,000/sf) in a deal we’re told marks a record price and price per square foot for a convenience store and fuel station transaction in California over the last three years, according to CoStar. The asset was acquired by a San Francisco-based private investor.
The property, located at 9036 Thornton Rd in Stockton, was completed in 2025 and covers 1.48 acres. It is a full service ARCO ampm unit that includes a convenience store, fuel station, car wash and EV charging stations. The offering represented a rare opportunity to acquire a new single tenant corporate investment backed by a global market leading tenant.
Situated along Thornton Rd, a major north-south corridor that serves as the northern extension of Pacific Avenue, Stockton’s primary retail artery, the site benefits from average daily traffic of approximately 24,000 cars. This visibility and access enhance the appeal of the convenience store, fuel station, car wash and EV charging facilities. Thornton Rd, designated as County Route J8, connects Stockton to surrounding communities and is recognized as one of the city’s busiest thoroughfares.
The new 15 year absolute triple net lease includes both land and improvements, with minimal landlord responsibilities. It is guaranteed by BP Products North America Inc (NYSE: BP; S&P: A ), a wholly owned subsidiary of BP plc, one of the world’s largest oil companies operating in 70 countries and ranked No. 25 on the Fortune Global 500 list for 2024.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, Promontory Development Group, a private developer based in the Sacramento metro area. The buyer was repped by Andy Bogardus of Cushman & Wakefield in San Francisco.
“We generated multiple qualified offers from both private and institutional investors,” said Asher. “We procured an all cash 1031 exchange buyer based in the Bay Area who was a repeat buyer of convenience-store and fuel station assets familiar with the ARCO ampm brand and BP corporate net lease structure.”
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