Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm, recently announced completion of the sale of the newly constructed Circle K convenience store and gas station in Valencia.
The single-tenant property was sold for $4.025 million, which represented a cap rate of 4.10%, the lowest cap rate for a new construction, single-tenant Circle K priced over $1 million nationwide.
Built in 2018, the 3,819-square-foot convenience store and fuel station sits on 1.31 acres and is located at the intersection of Copper Hill Drive and Rio Norte Drive, capable of servicing 36,000 cars per day.
“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 Investment Group Executive Vice President Bill Asher said in a prepared statement. “The net-leased buyer pool continues to see the most demand and activity out of any retail category to start 2020.”
Asher and Jeff Lefko, also an executive vice president of Hanley Investment Group, represented the seller and developer, Fountainhead Development of Newport Beach, while the buyer, a private trust from Beverly Hills, was represented by Edan Amar and Idan Cohen of Keller Williams Realty in West Hollywood.