Marcus & Millichap Arranges the Sale of Circle K, a Net-Leased Property in Scottsdale, AZ

image_pdfimage_print

SCOTTSDALE, Ariz.Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Circle K, a 2,931-square-foot net-leased property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,015,000 ($1,029 PSF).

Jonathan Eckerd, Peter Lenstrohm, Mark Ruble, Chris Lind and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. “Our client wanted a quick transaction without sacrificing value and that is what we were able to accomplish for her,” Eckerd stated. He assisted the owner in negotiating a new 10-year lease with Circle K to maximize value on the sale. “Within 72 hours of listing the property, we received a letter of intent to purchase at 99% of the list price,” Eckerd added.

The buyer, a limited liability company with multiple Circle K’s in their portfolio, was also procured by the team. Eckerd explained, “The buyer was ecstatic to add another quality tenant to their portfolio at an intersection that represents one of the best corners in all of Arizona.” Market and tenant knowledge were key to this transaction. Because the team had sold numerous properties at this same intersection, they knew where to find the most qualified buyer. “This transaction was a win-win for all parties,” Eckerd added.

Circle K is located at 4808 East Bell Road in Scottsdale, Arizona on the northeast corner of Bell Road and North Tatum Boulevard, just 1.5 miles from the Route 51 freeway. This gas station has a new 10-year lease with 10% rent increases every five years. Large retailers such as Fry’s, The Home Depot, Big Lots, Petco, Walmart Supercenter and more are all within half a mile from the property, as well as major banks such as Wells Fargo, Chase and Bank of America. Fast-food restaurants including Arby’s, Taco Bell, Del Taco, Chipotle, Starbucks, Rubio’s, and Wendy’s are all situated around the same major intersection as well.

Leave a Reply