Kum & Go is an up-and-coming convenience store and gas station concept in the net lease space, says a broker familiar with a recent sale in Littleton, CO. A Southern California-based buyer acquired the asset for $7.3 million.
Ian Schroeder and Melissa Ley at CBRE’s Newport Beach office represented the private investor in the triple-net-lease acquisition.
“Generally, these properties achieve a higher return than the better-known bigger chains,” says Schroeder. “The overarching trend we are seeing is cap rate compression due to strong demand and lack of quality inventory. COVID-19 has triggered a surge in investor interest in corporate-backed single-tenant properties, especially those with ‘essential’ tenants.”
The property, located at 11505 W Belleview Ave., sits on 2 acres in an affluent neighborhood with an average household income of $133,154 within a one-mile radius and is located at a hard-corner location surrounded by new residential developments.
“Colorado continues to be a popular place for net-leased investments due to the affluent suburbs and population growth,” said Ley. “This Southern California-based buyer has been looking to build a small net-lease portfolio for investment and estate planning purposes."
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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