This Retail Property is Off-Market.

1619 W Baseline Road
Tempe, AZ 85283 ·

3,822 SF · Retail For Sale

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Circle K

Price N/A Property Use Type Investment
Building Size 3,822 SF Cap Rate 6.75%
Property Type Retail Tenancy Single
Property Sub-type Service/Gas Station
Listing ID: 14121783 Date Created: 02/09/2005 Last Updated: 08/11/2005

Description

This investment is an absolute NNN deal with a new 17-year lease to be signed upon closing. The new lease includes 5% increases every five years with one 3-year option, then four 5-year options, then two 10-year market options. The lease is guaranteed by Alimentation Couche-Tard Inc. ("Couche-Tard"). Couche-Tard is publicly traded on the Toronto Stock Exchange under the symbols ATD-MVA.TO & ATD-SVB.TO and had revenues in excess of $5.872 billion (Canadian Dollars) for the 2004 fiscal year, ending April 25, 2004. Couche-Tard's Moody's credit rating is currently a Ba3.

This Circle K Gas & Convenience Store is located on W Baseline Road, near the intersection with Arizona Mills Circle, in Tempe, Arizona. The subject property is located right off of Interstate 10. US Highway 60 is right next to the property as well. This Circle K sits adjacent to Arizona Mills- a tremendous 1.2 million square foot mall that accommodates millions of shoppers per year. The combination of Interstate 10, US Highway 60, W Baseline Road & S Priest Drive, all of which lead into the mall, produce a traffic count in the immediate surrounding area of over 180,000 cars per day. There are many commercial and business establishments located near the property. There is a Popeye?s Restaurant located on the subject property. Arizona Mills features the best names in manufacturers' and retail outlets including Neiman Marcus, OFF 5TH Saks Fifth Avenue Outlet, and Kenneth Cole New York, high quality entertainment venues including Harkins Luxury 24 Cinemas, IMAX Theatre and various themed restaurants. In addition, other national retail tenants near the property include Jack in the Box, Waffle House, Wendy's, Denny's, KFC and many more.

Highlights

  • True NNN Lease- tenant pays all expenses (taxes, insurance, maintenance, repairs)
  • 6.75% Cap Rate- attractive yield
  • 17-year NNN lease
  • Rent increases 5% every 5 Years
  • Adjacent to Arizona Mills Mall
  • Traffic count of over 180,000 cars per day

Research

1619 W Baseline Road, Tempe, AZ 85283 (Maricopa County)

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