Four Memphis Circle K's Tagged at $3.6M

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Four Memphis Circle K's Tagged at $3.6M

12/18/2006
MEMPHIS -- Four Circle K stores located here generated a price tag of more than $3.6 million, the Memphis Daily News reported. Circle K Stores Inc. bought three of the stores from Second Convenience Store Properties Corp., while one other location at Yale Road was bought from Convenience Store Properties Corp.

Along with the sale, agreements were signed terminating the leases held by Second Convenience Store Properties' and Convenience Store Properties', which began in 1988, the report stated.

The highest priced location -- $955,000 -- is a 3,000-square foot store located at Yale Road, and had an appraised value of $376,900. The least expensive store, a 3,000 square-foot store located at South Highland Street, was bought for $788,000, and was appraised at $360,700. Appraisals were conducted by the Shelby County Assessor this year.

The two other locations, at Madison Ave. and Lamar Ave., sold for $870,000 and $950,000, respectively.