Little Rock, AR – [December 21, 2020] – Blue West Capital has completed the sale of a single tenant net leased Circle K property located at 10200 North Rodney Parham Road in Little Rock, AR for $4,425,650.
Zach Wright, of Blue West Capital, represented the purchaser in the transaction. The purchaser was a New York-based partnership of high-net-worth real estate investors & professionals. The seller was a local real estate company.
The 3,700 square foot Circle K property is strategically positioned as an outparcel to a Kroger-anchored development at a heavily trafficked signalized intersection. The property is positioned just east of Interstate 430. There are approximately 75,000 people living within three miles of the Circle K. The building was redeveloped earlier this year for Circle K.
The property features a long-term absolute triple net lease with zero landlord responsibilities. The lease features 10% rental increases every five years. The location is operated by Gas Express, LLC; Circle K’s largest network franchisee that presently operates over 72 Circle K branded convenience stores. Circle K has convenience stores in 48 states and is ranked 2nd nationally with over 7,000 locations.
“Single tenant properties with irreplaceable real estate and long-term triple net leases are presently amongst the most sought-after real estate investments across all product types. We continue to experience cap rate compression for these deals due to the insatiable demand and attractive readily available debt. Interest rates remain near their historic low levels allowing investors to lock-in long-term financing at very attractive rates,” said Zach Wright, Director of Net Lease Investment Sales.