Phoenix, AZ - Circle K

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Circle K investment property located in Phoenix, Arizona. The tenant, Circle K has over 7 years of lease term remaining with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of the first five option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The Circle K is located near the signalized, hard corner intersection of US Highway 60 and W Grant Street with combining to average over 135,100 vehicles passing by daily. US Highway 60 is a major retail thoroughfare serving the city of Phoenix. The asset is located less than 1 mile from the Arizona State Capital Building. In addition, the subject property is also located approximately 2 miles from the Arizona State Fair Grounds, which features the Arizona Veterans Memorial Coliseum, a 15,000+ seat arena. The site is located less than 2 miles from Footprint Center, the home of the NBA’s Phoenix Suns (~17,000 seats). The property is in the center of a primary retail corridor with other nearby national/credit tenants including Whataburger, Chipotle, Jersey Mike’s, McDonald’s, Five Guys, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 345,000 residents and more than 314,000 employees with an average household income of $82,321, providing a direct consumer base from which the asset can draw upon.