The Circle K store and gas station at 3301 S 6th Avenue in Tucson South submarket sold for $4.21 million ($956 PSF) as a triple net investment to Capizzi Family Trust of Downey, CA.
The property consists of a 4,400-square-foot building with 10 gas pumps under canopy on 1.31 acres, and is one of the top performing Circle Ks in the area. Located on I-10 at the signalized intersection off I-10 with highway visibility and strong traffic counts of 79,764 VPD on I-10 and 32,418 VPD on South 6th Avenue at Benson Highway and I-19, a major north-south thoroughfare connecting Tucson with Nogales, Mexico.
The site benefits from strong daytime traffic generated by El Super grocery center and 285-bed VA Hospital with 2,300 employees that serve over 170,000 veterans. The site is surrounded by national retailers including Panda Express, Jack in the Box, Church's Chicken, Food City, Midas, Big O Tire, lodging facilities such as Budget Inn and Econo Lodge and Lazy 8 Motel.
Circle K will continue to lease the property with 14 years remaining, options and a corporate guarantee for a period of 20 years under an absolute triple net lease and rental increases.
With cap rates trending downward according to sales tracked by the Real Estate Daily News, this investment sold at a slightly higher than average cap rate.
Tatyana Meulemans with Newmark Grubb Knight Frank in Phoenix represented the seller, the Deconcini Family Trust of Tucson. The buyers represented themselves.
To learn more Meulemans can be reached at 602.952.3800. For additional information log in and refer to RED Comp #2767 for full details.
[mepr-show rules="58038"]Sale date: 3/31/2015. Sale price $4,207,000 an all-cash deal. Property sold with an NOI of $241,918 and cap rate of 5.75% at time of sale. Full financial increased are attached to RED Comp #2767[/mepr-show]