Investor Acquires Triple-Net Leased Gas Station for $4.21M
- Apr 17, 2015
Capizzi Family Trust, an investment firm from Downey, Calif., recently picked up the Circle K store and gas station at 3301 S 6th Avenue in Tucson for $4.21 million or $956 per square foot as a triple-net investment.
Tatyana Meulemans with Newmark Grubb Knight Frank in Phoenix represented the seller, the Deconcini Family Trust of Tucson.
Located across from Southgate Shopping Center in the South Tucson submarket, the commercial unit is adjacent to Southern Arizona VA Health Care. The property consists of a 4,400-square-foot building and 10 gas pumps on a 1.31-acre site. According to Real Estate Daily News, it is one of the best performing Circle K locations in the area due to the daytime traffic generated by the El Super grocery store and other retailers in the surrounding blocks such as Panda Express, Jack in the Box, Church’s Chicken, Food City, Midas and Big O Tire. The neighboring 285-bed hospital serves over 170,000 veterans with 2,300 employees, which adds further to the property’s exposure. In addition, the plot benefits from good highway visibility from Interstate 10, the north-south thoroughfare connecting Tucson with Nogales, Mexico.
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.
Photo credits: Google Maps