TULSA, Okla. -- A group of Des Moines, Iowa, investors paid $4.8 million for two Kum & Go locations in the Tulsa, Okla., area, reported The Journal Record.
Tulsa County Courthouse records indicate the Davis Estates Ltd. paid $2.4 million to Hurd Tulsa LLC for Kum & Go No. 874 in Tulsa; it also paid $2.4 million to Hurd Oklahoma LLC for a convenience store and fueling station in Jenks, Okla.
Both 5,118-square-foot locations were built last year and sold by West Des Moines, Iowa-based Kum & Go, Todd Millang, a broker [image-nocss] with CB Richard Ellis Hubbell Commercial, Des Moines, told the newspaper. The Tulsa property sits on 1.6 acres, the report said, .17 less than the Jenks location.
Both sale-leaseback deals represented triple-net sales with long-term rents, Millang said. That explained the $468.93 spent per square foot, exceeding the sought $439.62 listing price.
This was a cap-rate purchase based on the credit and the lease that Kum & Go has, he told the paper.
Millang is listing a third Kum & Go in the Tulsa area, store No. 879 in Broken Arrow, Okla. While the same square footage as the other two, this store went up this year on 1.71 acres, lifting its sale price to $2.8 million, or $547.09 per square foot.
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