TUCSON, AZ (Oct. 11, 2024) - Chevron Station / convenience store and U-Haul rental at 3780 W Magee Road in Tucson sold for $3.05 million ($2,311 PSF) in a triple net lease investment. Built in 1989, the 1,320-square-foot convenience storer with 6 pumps / 12 pumping stations, is at the northeast corner of Magee and Thornydale Road, and sold with a new 20-year NNN Lease.
The transaction closed on October 3, 2024.
Chevron is an American multinational energy corporation and is the second-largest oil company in America. It is one of the successors of Pacific Coast Oil Co., which was originally founded on September 10, 1879. Chevron is headquartered in San Ramon, CA, and is active in 180 countries. In addition, they are engaged in every aspect of the oil and natural gas industries, including hydrocarbon exploration and production; refining, marketing, and transport; chemicals manufacturing and sales; and power generation. Today, Chevron’s products are sold in more than 8,000 locations under the Chevron and Texaco brands, 7,026 of which are exclusively Chevron in the United States. Arizona is in the top 10 states in the US for a number of Chevron Stations, and it has a strong commitment to this territory.
Chevron trades on the New York Stock Exchange under the ticker symbol (CVX) and has a current market cap of over $294 billion. The franchisee (West Coasts Petroleum Newports, an Arizona LLC) operates 17 locations. The main owner of West Coast Petroleum has been in the business for over 16 years. The company does over $87M/year in gross revenue and continues to expand in the Southwest. There is also a personal guarantee for the term of the lease.
Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the Scottsdale-based seller 3780MGE, LLC, while the Casa Grande-based investor Auza Ranches was self-represented.
Hollenbeck should be reached at 602.224.4475 for more information.
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