Circle K | Tempe, AZ

$3,305,000

Rent increases 10% every five years.
Location sales are exceptionally high.
Investment grade "BBB" credit according to Standard & Poors.
Major traffic arteries & across from Costco & Super Walmart
Absolute triple net lease (no landlord responsibilites)
15 Year Depreciation
The property is located at the signalized northwest corner of Priest Drive and Elliot Road in the area’s most important commercial and retail corridor. Across the street is a massive Walmart Super Center and on the other side is a Costco center. The surrounding corners consist of a McDonalds and Arbys, and the rest of the trade area has just about every major area tenant.
Elliott Road and Priest Drive are both major traffic arteries and there are access ramps to Interstate 10 just two blocks from the subject property.
Circle K just exercised its first option, and subsequent options have 10% rental increases occuring every five years. Sales at this location are fully reported and extremely high, while rent is low compared to newer convenience stores coming to market throughout the country and in the Phoenix, Arizona area. The lease features a full guaranty from Alimentation Couche-Tard, and the location is among the very best in the entire state.