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6/21/24
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LV Petroleum LLC has sold a portfolio of six gas station properties in the Phoenix and Las Vegas metros to separate buyers in deals totaling $39 mil. The seller will lease-back all of the properties with 20-year, absolute triple-net leases in place.
1550 W. Oakey Blvd, Las Vegas |
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Four of the properties are Conoco-branded stations in Las Vegas, while the other two assets are 76 Gas stations in the greater Phoenix market.
Patrick Luther, Matthew Mousavi and Winston Guest with SRS Real Estate Partners represented the seller in the transactions. According to Guest, all of the assets are run by an experienced operator, are well-located, offer accelerated and bonus depreciation benefits, and feature 3% annual rent increases.
Following is information on each property:
Conoco properties in Las Vegas:
• 8880 Rainbow Blvd - totals 3.5k sf and was sold for $7.07 mil
• 7180 S. Jones Blvd - totals 3.6k sf and sold for $6.9 mil
• 8950 S Westwind Rod - totals 3.6k sf and sold for $7 mil
• 1550 W Oakey Blvd - totals 3.9k sf and sold for $6.2 mil
76 Gas properties in Phoenix area:
• 2025 E. Chandler Blvd in Chandler - totals 2.9k sf and sold for $6 mil
• 777 W. Ray Rd in Gilbert - totals 2k sf and sold for $5.8 mil
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