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6/04/25
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A newly constructed, 4.6k sf single-tenant property occupied by Circle K convenience store and gas station in Coachella sold for $3.51 mil ($763/sf). The Circle K, situated on a 1.26-acre pad at 50200 Cesar Chavez St, benefits from a brand-new 15-year absolute triple-net ground lease with 10% rental increases every five years.
Representative photo from Circle K |
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The Circle K location is strategically positioned on a pad within a high-traffic shopping center developed by Fountainhead that includes high-performing national retailers such as Aldi, McDonald’s, Panda Express, a top 4% performing Starbucks nationwide (per Placer.ai), Taco Bell, and a Walgreens ranked #2 out of eight locations within a 10-mile radius (per Placer.ai). In the immediate area, other notable retailers include Cardenas Market (top 23% within the chain, per Placer.ai), Planet Fitness (top 22% nationwide, per Placer.ai), Smart & Final (#1 of five locations within 50-miles, per Placer.ai), and Carl’s Jr. (top 2% nationwide, per Placer.ai).
Located at the high-traffic, signalized intersection of Cesar Chavez St and Avenue 50 (33,000 CPD), the property is easily accessible to Highways 86 and 111, key thoroughfares connecting the Coachella Valley. The surrounding area features a dense and growing population, with 108,776 residents within a five-mile radius and a significant 71% population growth within a three-mile radius between 2010 and 2020.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller and developer, Fountainhead Development of Newport Beach. Aaron Bove with Marcus & Millichap repped the buyer, a private investor based in San Diego.
“We successfully procured a 1031 exchange buyer who was actively seeking an absolute triple-net convenience store and gas station and facilitated a quick 40-day escrow to help meet their timing requirements. This pre-sale marketing strategy allowed us to secure a buyer while the property was under construction, closing escrow shortly after Circle K began paying rent but prior to the store’s grand opening in mid-June,” Asher said.
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