**Circle K in Coachella Sold to San Diego Investor for $3.51 Million**
Hanley Investment Group Real Estate Advisors has finalized the sale of a newly constructed, single-tenant Circle K convenience store and gas station located at 50200 Cesar Chavez Street in Coachella, California. The property, sold for $3.51 million, is secured under a 15-year absolute triple-net ground lease.
Bill Asher and Jeff Lefko, Executive Vice Presidents at Hanley Investment Group, represented the seller and developer, Fountainhead Development of Newport Beach. The buyer, a private investor based in San Diego, was represented by Aaron Bove, Senior Managing Director of Investments at Marcus & Millichap in San Diego.
“We successfully procured a 1031 exchange buyer who was actively seeking an absolute triple-net convenience store and gas station and facilitated a quick 40-day escrow to help meet their timing requirements,” said Asher. “This pre-sale marketing strategy allowed us to secure a buyer while the property was under construction, closing escrow shortly after Circle K began paying rent but prior to the store’s grand opening in mid-June.”
