NAI Capital Completes Circle K Net Leased Investment Sale in Urbana, IL
Irvine, CA, May 29, 2018– Mehran Foroughi, Senior Vice President with NAI Capital’s Investment Services Group completed the sale of a net-leased Circle K convenience store in Urbana, IL. Foroughi represented the seller, a private investor. The buyer was also a private Investor. The building sold for $2.75 million at a 7.5% cap rate.
Foroughi said, “We marketed the property nationwide and a broker from the East Coast found this property suitable for their client’s 1031 exchange. Circle K has been at this location for 13 years. There is less than 7 years left on the original lease with three (5) years option. The new owner will get a steady return. With very minimal landlord management.”
The Circle K is located on a major thoroughfare at 1501 N. Lincoln Ave in Urbana, east central Illinois. The University of Illinois at Urbana-Champaign campus is five minutes from the Circle K, which is home to over 40,000 college students. The building sits on a 1.67 acre lot. The retail store is approximately 3,500 square feet and is 100% leased to Circle K. on a 20 year lease with 6.5 years left on the original lease. The Circle K lease is backed by Mac's Convenience Stores, LLC; owner and operator of convenience stores based in Columbus, Indiana. Mac's Convenience Stores, LLC operates as a subsidiary of Alimentation Couche-Tard Inc. which is a Canadian company.
“We continue to see demand from our investor clients for credit worthy, single-tenant triple net deals looking out of state. Many California Investors are buying NNN Single Tenant Properties outside California for better return on their investment,” added Foroughi.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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