Circle K Building Trades at 5% Cap, from Open to Close of Escrow in Under 30 Days
AVONDALE – 12301 West Lower Buckeye Road, a Circle K in the up and coming city of Avondale, Arizona, traded this week for $1,075,000 or $323 per square foot, at a 5% cap rate. The building is 3,328 square feet and 100% leased to Circle K, who has a long history at the location on an absolute NNN lease. Nick Miner, CCIM of ORION Investment Real Estated represented the Seller, Hondagneu Family Trust, and the Buyer, 4550 Grand LLC. Miner took this property from open to close in under 30 days.
The Circle K, located at the southwest corner of El Mirage and Lower Buckeye Roads, was constructed in 1977, but was recently renovated by the tenant. Lower Buckeye Road sees an average of 20,154 cars per day, and the property is situated on a hard corner for maximum visibility. The corner has future commercial and residential developments planned. The city of Avondale has seen an explosion of development and employment as well, with a reported 8,000 new homes planned just south of Interstate 10. Avondale’s Estrella Mountain College is currently embarking on a $31-million-dollar expansion, and massive employers, such as AKOS Medical and Vantage Data Centers, have recently chosen Avondale to expand in, with more health and tech companies expected to join them.
Nick Miner, CCIM commented on the transaction, “This was a unique opportunity for the Buyer. Circle K recently exercised their last option for renewal and the Buyer sees this as an opportunity to add value down the road with a restructured lease. We received multiple offers. The Buyer was selected because they owned other Circle K locations and offered a quick contingency and close.”
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Circle K Building in Avondale Trades at 5% CAP – Real Estate Daily News