COACHELLA, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today the sale of a newly constructed single-tenant property occupied by Circle K convenience store and gas station in Coachella, California. The sale price was $3.51 million for the 15-year absolute triple-net lease ground lease.
Hanley Investment Group's Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Fountainhead Development of Newport Beach, California. Aaron Bove, senior managing director investments, at Marcus & Millichap in San Diego represented the buyer, a private investor based 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. 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,” Asher said.
Asher added, "Investor demand for well-located corporate-leased convenience stores with a gas station remains strong, driven by their essential nature and consistent performance, even amidst economic fluctuations. The long-term stability and inherent necessity of these assets continue to attract significant capital, particularly from 1031 exchange buyers seeking safe, secure, and reliable income streams."
The 4,625-square-foot Circle K, situated on a 1.26-acre pad at 50200 Cesar Chavez Street in Coachella, benefits from a brand-new 15-year absolute triple-net ground lease with 10% rental increases every five years. Circle K Stores, a subsidiary of Alimentation Couche-Tard (S&P: BBB+), which operates over 7,140 stores as part of a global network of more than 16,700 locations, is an investment-grade corporate tenant. Circle K holds prominent rankings in the convenience store industry, including #2 in "Top 40 C-Store Chains" by CSP Magazine (2024) and #2 in "Top Convenience Store Franchises" by Franchise Chatter (2024).
The Circle K location is strategically positioned on a pad within a high-traffic shopping center developed by Fountainhead that includes high-performing national retailers such as Aldi, McDonald's, Panda Express, a top 4% performing Starbucks nationwide (per Placer.ai), Taco Bell, and a Walgreens ranked #2 out of eight locations within a 10-mile radius (per Placer.ai). In the immediate area, other notable retailers include Cardenas Market (top 23% within the chain, per Placer.ai), Planet Fitness (top 22% nationwide, per Placer.ai), Smart & Final (#1 of five locations within 50-miles, per Placer.ai), and Carl's Jr. (top 2% nationwide, per Placer.ai).
Located at the high-traffic, signalized intersection of Cesar Chavez Street and Avenue 50 (33,000 CPD), the property is easily accessible to Highways 86 and 111, key thoroughfares connecting the Coachella Valley. The surrounding area features a dense and growing population, with 108,776 residents within a five-mile radius and a significant 71% population growth within a three-mile radius between 2010 and 2020.
The Coachella Valley is a major tourist destination, attracting over 14 million visitors annually and hosting prominent events such as the Coachella Valley Music and Arts Festival (the world's largest music festival with over 540,000 attendees), the Stagecoach Festival (the second largest music festival globally with over 80,000 attendees), Riverside County Fair and National Date Festival (315,000 attendees), BNP Paribas Open, the largest ATP Tour and WTA Tour combined two-week event in the world (over 475,000 attendees), and the American Express PGA Golf Tournament (7,000+ attendees).
About Hanley Investment Group
Celebrating 20 years, Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an over $11.7 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
