Hanley Investment Group Closes Record-Breaking ARCO ampm Sale in Stockton
Hanley Investment Group Real Estate Advisors has announced the $10.2 million sale of a newly constructed, single-tenant, net-leased ARCO ampm located at 9036 Thornton Road in Stockton, California. The transaction set a three-year record for both overall price and price per square foot for a convenience store and fuel station sale in the state, according to industry data provider CoStar.
The seller, Promontory Development Group—a private developer based in the Sacramento metro area—was represented by Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko. The buyer, a private investor from the Bay Area, was represented by Andy Bogardus of Cushman & Wakefield in San Francisco.
“We generated multiple qualified offers from both private and institutional investors,” said Asher. “We procured an all-cash 1031 exchange buyer based in the Bay Area who was a repeat buyer of convenience-store and fuel station assets, and who was well-acquainted with the ARCO ampm brand and BP’s corporate net lease structure.”
This high-profile transaction highlights continued investor demand for strong-performing net-leased retail assets and underscores the strength of the ARCO ampm brand in today’s real estate investment market.
