Salt Lake City— SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $3.12 million sale of a 3,024-square-foot gas station/convenience store property occupied by Maverick located at 2680 S. 2000 E in Salt Lake City, UT.
SRS NNLG’s Jack Cornell, Matthew Mousavi, and Patrick Luther represented the seller, a Texas-based private investor, and developer. The buyer was a private independent petroleum marketer based in Utah. The tenant, Maverick, is an independent fuel marketer and has more than 350 locations across 11 western states.
“This site offers a stable income stream with high barrier to entry for competing gas/ c-store users nearby and well-located next to the Salt Lake Country Club in the Sugarhouse, one of Salt Lake’s fastest-growing and most vibrant submarkets,” says Cornell. “The asset was converted from a ground lease to a fee simple interest as well, enabling accelerated depreciation and other tax benefits.”
Built in 1983 and renovated in 2018, the property is situated on a 0.65-acre land parcel and includes an eight-pump gas station and high-volume convenience store.
Year-to-date, SRS’ National Net Lease Group (NNLG) has completed more than 400 transactions valued in excess of $1.3 billion and has in excess of $1.8 billion in property on the market.