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Avison Young brokers $3.525 million ground lease sale of a newly developed Circle K property in Las Vegas8 Mar 2021
Los Angeles, CA – Avison Young announced today it has brokered the $3.525 million ground lease (land ownership) sale of a newly developed Circle K property located at 3220 North Pecos Road in Las Vegas, NV.
Avison Young Principals Chris Maling and David Maling, and Vice President Richard Orosel represented the seller, Grey Peak I, LLC, as well as the buyer, TDN Properties, Inc.
The property will open its doors in November 2021 and is situated on a 1.68-acre site. It features a nearly 5,200-sf convenience store and a 4,500-sf fueling canopy. It is located at a signalized intersection with nearby neighborhood shopping centers and national retailers including Wendy’s, AutoZone, Dollar General, 99 Cents Only Stores, Domino’s Pizza, Jack in the Box, and Walgreens, among others.
“This opportunity offered the buyer a 15-year absolute triple-net ground lease with options to extend and no landlord responsibilities or expenses,” said Chris Maling. “This type of land ownership has been increasingly well received by investors over the past year as it offers stability and cash-flow in an essential needs property.”
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