Staff Reports | Business & Commerce
Cushman & Wakefield arranged the sale of a 2,503-square-foot ARCO AMPM gas station and convenience store at 1201 E. Northern Avenue in Phoenix.
The final sale price was $3,133,884, according to a press release.
The property features an absolute NNN lease with Westcoast Petroleum Newports AZ Corp, which operates 18 locations and provides a personal guaranty.
The building was constructed in 1987 and is positioned on a high-visibility hard corner with more than 62,375 vehicles passing daily at 12th Street and Northern Avenue.
The site offers bonus depreciation, providing tax advantages to the new owner, the release states.
Cushman & Wakefield’s Chris Hollenbeck and Shane Carter represented the seller, CAZCO Asset Management, in the transaction. The property was acquired by Mapa Group LLC.
“Backed by a high-performing operator and positioned on a hard corner in a dense trade area, this asset exemplifies the strong demand for well-located net-lease investments,” Mr. Hollenbeck said. “The long-term lease, bonus depreciation eligibility and robust area demographics made this a compelling opportunity for investors seeking stable cash flow in a growing market.”
Found in a densely populated trade area, the property is surrounded by more than 359,000 residents within a five-mile radius. The immediate area features a mix of national retailers as well as dining and service options.
