Circle K in Coachella Trades to San Diego Investor

Hanley Investment Group Real Estate Advisors completed the sale of a newly constructed single-tenant property occupied by Circle K convenience store and gas station at 50200 Cesar Chavez St. in Coachella. The sale price was $3.51 million for the 15-year absolute triple-net lease ground lease.

EVPs Bill Asher and Jeff Lefko represented the seller and developer, Fountainhead Development of Newport Beach. Aaron Bove, senior managing director investments, at Marcus & Millichap in San Diego, represented the buyer, a private investor based in San Diego.

“We successfully procured a 1031 exchange buyer who was actively seeking an absolute triple-net convenience store and gas station and facilitated a quick 40-day escrow to help meet their timing requirements,” Asher said. “This pre-sale marketing strategy allowed us to secure a buyer while the property was under construction, closing escrow shortly after Circle K began paying rent but prior to the store’s grand opening in mid-June.”

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