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Circle K

$ 2,323,000
Tempe, Arizona
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Address: 1406 West Broadway Road , Tempe, Arizona, United States 85282

Type: Gas & Conv. Store

Cap Rate: 6.35%

Lease Type: Triple Net (NNN)

Annual Rent: $147,501

Net Operating Income: $147,501

Lease Term Remaining: 5.1 Years

Rental Increases: 5% Every Five

Options: One (1), Three (3)-Year Option then Four (4), Five (5)-Year Options then Two (2), Ten (10)-Year Options

Year Built: 1986

Rentable Sq/Ft: 2,680 SF

Rent Sq/Ft: $55.04

Price Sq/Ft: $867

Lot Size: +/-0.50 Acres

Marcus & Millichap is pleased to present the exclusive listing for a Circle K property located at 1406 West Broadway Road in Tempe, Arizona. Built in 1986, this property consists of approximately 2,680 square feet of building space and sits on 0.50 acres of land.

This Circle K property has approximately 5.5 years remaining on an original 17-year triple-net (NNN) lease, which commenced on June 15th, 2007. The current rent is $147,501. The initial lease term expires on June 30th, 2024, and is then subject to one, three-year option, followed by four, five-year options, and then two, ten-year options.

Circle K is the new, global convenience retail brand replacing the existing Mac’s® retail brand in Canada, the Circle K® and Kangaroo Express® retail brands in the U.S. and worldwide, and the Statoil® retail brand in Europe. These are all brands owned by Canadian company Alimentation Couche-Tard Inc. (“Couche-Tard”), one of the world’s leading convenience retailers. Couche-Tard has chosen to retain the company’s founding Couche-Tard® retail brand in the Province of Quebec in Canada due to the specifics of that market. The existing Circle K is already Couche-Tard’s largest and most international brand. It can be seen today serving the needs of customers in 14 countries around the world.

This Circle K gas station and convenience store property is located at 1406 West Broadway Road in Tempe, Arizona. Tempe is part of the Phoenix-Mesa-Chandler metropolitan statistical area (MSA) which is the 12th largest MSA in the country with a combined population of more than 4.5 million.

The subject property is well-positioned in an active, dense retail corridor, benefitting from its proximity to major national retailers, and a large concentration of industrial and corporate tenants. Major national tenants in the surrounding area include: McDonald’s, Burger King, Denny’s, BMO Harris Bank, Uber, DoubleTree, Starbucks, Jersey Mike’s Subs, Jack in The Box, Filiberto’s Mexican Food, Arizona Donut Co., Domino’s Pizza, Pizza Hut, Chase Bank, Wells Fargo, AutoZone, Walgreens, Popeyes, Motel 6, Arby’s, as well as many others. Tempe High School and Holdeman Elementary School are in close proximity to the subject property. The two schools have a combined enrollment of over 2,150 students. Arizona State University is approximately two miles away and has over 85,000 students enrolled. Additionally, Phoenix Sky Harbor International Airport is located seven miles away and served over 43,921,000 passengers in 2017.

The city of Tempe is an exciting mixture of Southwestern hospitality, prosperity and success. In the center of the Valley of the Sun, Tempe covers approximately 40 square miles and is home to more than 166,000 residents. The property is located off of West Broadway Road which has traffic counts of 40,732 vehicles per day. Nearby

Tempe has experienced dynamic growth and is rich in economics, technology, culture, tourism and educational resources. Tempe offers a blend of quality new developments, revitalization and redevelopment, and prestigious institutions. Tempe’s prime location in the center of the thriving Phoenix metropolitan area contributes to its success in attracting and keeping dynamic companies within its borders. Some of Tempe’s largest employers include Arizona State University, Salt River Project, Honeywell, Insight, the three school districts and the City of Tempe.

 

 

Broker of Record: Ryan Sarbinoff – License # BR675146000

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Glen Kunofsky

President, Founder
(212) 430-5115

Russell Wachtler

Senior Managing Director, Investments
(212) 430-5132

Mark Epchteine

Associate
(212) 430-5223