CBRE announced the sale of a gas station with a Kum & Go convenience store on the premise to a Southern California-based buyer for $7.3 million.
Ian Schroeder and Melissa Ley at CBRE’s Newport Beach office represented the private investor in the triple-net-lease acquisition.
“Kum & Go is an up-and-coming convenience store and gas station concept in the net lease space,” said Mr. Schroeder. “Generally, these properties achieve a higher return than the better-known bigger chains.”
The property, located at 11505 W Belleview Ave., sits on 2 acres in an affluent neighborhood with an average household income of $133,154 within a one-mile radius and is located at a hard-corner location surrounded by new residential developments.
“Colorado continues to be a popular place for net-leased investments due to the affluent suburbs and population growth,” said Ms. Ley. “This Southern California-based buyer has been looking to build a small net-lease portfolio for investment and estate planning purposes.”
Added Mr. Schroeder, “The overarching trend we are seeing is cap rate compression due to strong demand and lack of quality inventory. COVID-19 has triggered a surge in investor interest in corporate-backed, single-tenant properties, especially those with ‘essential’ tenants.”
