Circle K Location in Valencia Sells for $4 Million
Fountainhead Development of Newport Beach has sold a retail building for single-tenant Circle K convenience store and gas station in Valencia for $4 million.
The new 3,819-square-foot convenience store building and fuel station sits on 1.31 acres. It is located on the hard corner of the signalized intersection of Copper Hill Drive and Rio Norte Drive, with an estimated traffic of 36,000 cars per day.
Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko represented Fountainhead Development. Edan Amar and Idan Cohen of Keller Williams Realty in West Hollywood represented the buyer, a private trust in Beverly Hills.
“Circle K featured a new, long-term corporate guaranteed lease that was very attractive to single-tenant net-leased investors in today’s market,” Hanley’s Asher said. “The net-leased buyer pool continues to see the most demand and activity out of any retail category to start 2020. Additionally, the site’s strong fundamentals combined with the new, long-term, absolute triple-net ground lease offered minimal landlord responsibilities and a secure and stable investment for the buyer who fulfilled a 1031 exchange with the purchase.”
Hanley Investment Group has arranged the sale of 14 convenience stores throughout the U.S. in the last 14 months and has several similar properties on the market.
Circle K’s parent company, Alimentation Couche-Tard Inc., is the largest independent convenience store operator in terms of the number of company-operated stores in North America.
“Convenience stores feed immediate needs and can still do well in an economic downturn,” Hanley’s Lefko said.