IRVING, TX– [June 28, 2022] – Blue West Capital has completed the sale of a single tenant net leased QuikTrip property located at 4301 North Belt Line Road in Irving, TX for $5,425,000. The property sold for 103% of the asking price and received numerous qualified offers. Zach Wright, of Blue West Capital, exclusively represented the seller. The seller was a Colorado-based investor and the purchaser was a Southwest-based partnership.
The 2.01-acre QuikTrip property is strategically positioned at a heavily trafficked signalized intersection in the immediate proximity to the Dallas/Fort Worth International Airport, the second busiest airport in the world. The property is located approximately 2.5 miles west of Las Colinas, a mixed-use planned development of corporate offices & headquarters, retail shops and restaurants, luxury hotels, townhomes, single-family homes, private country clubs, and more. There are over 20,000 people living within one mile of the property.
QuikTrip has an absolute triple net lease and has operated at this location since 2012. The lease features rental increases in the renewal option periods and no landlord responsibilities. QuikTrip is a privately owned company based in Tulsa, OK with over 900 locations across 14 states.
“Many single tenant gas station properties qualify for 100% bonus depreciation which allows an investor to take 100% of the value of the improvements as year one depreciable lost. Well-located gas stations in major MSAs with strong corporate tenants, such as QuikTrip, are at the forefront of demand amongst net lease investors. We received 10+ offers and ultimately sold the property for 103% of the asking price because of this demand,” stated Zach Wright, Director & Partner.
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