Description
This investment opportunity is a Circle K gas and convenience store. Circle K stores are known around the world for offering busy consumers a wide variety of quality products and services in a fast, friendly, and clean environment. Each Circle K location features an award-winning brand of the Freshest Coffee Going®, ThirstBuster® fountain drinks, beer, snacks, candy, a telecommunications center, and general merchandise. Most locations are also co-branded with a quality gasoline product from such well known brands as 76®, Conoco®, Phillips®, Exxon®, and Mobil®.
The subject property is located in Phoenix, Arizona. This Circle K is approximately 3,024 square feet and sits on a lot that is approximately 33,055 square feet. The building was constructed in 1988. The gas station is Circle K branded.
The investment is a triple net lease with an initial cap rate of 7.25% and zero landlord responsibilities. A new 17-year lease will be signed at close of escrow. This lease will include 5% rent increases every five years. There are also market options on the lease: One 3-year option, then four 5-year options and then two 10-year options to renew. The lease has a corporate guarantee by A
This Circle K gas and convenience store is located on East Union Hills Drive in Phoenix, Arizona. East Union Hills Drive parallels Loop 101, one of the main traffic arteries in Phoenix. The site is approximately four miles east of Interstate 17 and located directly at the intersection with North 32nd Street. As a result the traffic count on East Union Hills Drive is estimated at 19,000 vehicles per day and the traffic count in the immediate area on North 32nd Street is estimated at almost 40,000 vehicles per day.
This investment opportunity sits at an intersection with CVS and Mobil. There are many national and local commercial establishments within the area such as Costco, Albertsons, Sav-On-Drugs, Papa Murphy's Take 'n' Bake, Goodyear, and many more. There are also many local retailers and restaurants.
Additionally, there are several golf courses within the area such as Paradise Valley Golf Course just east of the site. Paradise Valley Community College is located just across the street. This two-year community college has almost 9,000 students enrolled in one of the programs and an additional 7,000 in non-degree programs.
Phoenix is the fifth largest city in the US an