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Avison Young brokers $3.525 million ground lease sale of a newly developed Circle K property in Las Vegas

Avison Young brokers $3.525 million ground lease sale of a newly developed
Circle K property in Las Vegas 8 Mar 2021

Los Angeles, CA – Avison Young announced today it has brokered the $3.525 million ground lease (land ownership) sale of a newly developed Circle K property located at 3220 North Pecos Road in Las Vegas, NV.

Avison Young Principals Chris Maling and David Maling, and Vice President Richard Orosel represented the seller, Grey Peak I, LLC, as well as the buyer, TDN Properties, Inc.  

The property will open its doors in November 2021 and is situated on a 1.68-acre site. It features a nearly 5,200-sf convenience store and a 4,500-sf fueling canopy. It is located at a signalized intersection with nearby neighborhood shopping centers and national retailers including Wendy’s, AutoZone, Dollar General, 99 Cents Only Stores, Domino’s Pizza, Jack in the Box, and Walgreens, among others.

“This opportunity offered the buyer a 15-year absolute triple-net ground lease with options to extend and no landlord responsibilities or expenses,” said Chris Maling. “This type of land ownership has been increasingly well received by investors over the past year as it offers stability and cash-flow in an essential needs property.”

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

 

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