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TULSA, Okla. -- A group of Des Moines investors under the name Davis Estates Ltd. recently spent $4.8 million -- or $468.93 per square foot -- to buy two Kum & Go locations in Tulsa as part of a sale-leaseback deal, the Journal Record reported.
Davis Estates Ltd. paid $2.4 million to Hurd Tulsa LLC for the Kum & Go store No. 874 at 10010 S. Riverside Parkway in Tulsa, and also paid $2.4 million to Hurd Oklahoma LLC for the store at 510 S. Elm St. in Jenks, Okla., according to Tulsa County Courthouse records cited by the newspaper.
The stores, both 5,118 square feet, were built last year and sold by Des Moines-based Kum & Go, Todd Millang, a broker with CB Richard Ellis Hubbell Commercial, told the paper.
"This was a cap-rate purchase based on the credit and the lease that Kum & Go has," he said.
Another Kum & Go store in the Tulsa area is being sold by CB Richard Ellis Hubbell Commercial. Store No. 879, located at 8001 S. Garnett Road in Broken Arrow, Okla., is the same square-footage as the previous two stores, and was built on 1.71 acres earlier this year. The sale price for that store will be $2.8 million, or $547.09 per square foot, according to the paper.