Circle K (GL)

Rock Springs Road & East Welch Road, Apopka, Florida 32712

$3,918,000

Cap Rate 4.85%

Views: 18 DOM: 23 Updated: 04.24.24 Posted: 04.24.24 Status: Active

Summary

Price $3,918,000	Built/Renov 2024	Tenant Circle K (GL)
Cap Rate 4.85%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 5,000	Lease Start 07-01-2024	#Units 16,700
Price/SF $783.60	Expiration 06-30-2039	Tenant Type Convenience/Gas
NOI $190,000	R. Term 15.1	Ownership Ground Lease
Rent/SF $38.00	Increases 5.0%/5/yrs	Pop 5Mi 114,626
Lot/AC 1.74	Options 5/5yrs/5%	AHHI 5Mi $104,806

Lease Highlights

Brand-new 2024 construction
Circle K will be executing brand-new 15-year ground lease with 5 (5-year) options to extend
The lease features 5% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Circle K is strategically located at the signalized, hard-corner intersection of E Welch Road and Rock Springs Road, a major retail thoroughfare, with access to a combined daily traffic count of 38,600 vehicles. The property benefits from excellent visibility due to significant street frontage and multiple points of ingress/egress. Additionally, it enjoys a prime location across the street...

...

Key Features

New construction
Signalized intersection
Dense retail corridor
Top 100 MSA
Strong demographics
Income tax free state
Absolute NNN
Accelerated depreciation
Traded and rated company
Investment grade tenant

...

Links

Circle K Wikipedia Circle K Wikipedia Apopka, Florida Zip Code 32712 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Circle K
Guarantor:Corp T and Rated
Company:Alimentation Couche-Tard
# Units:16,700
Tenant S&P: BBB+
Moody’s: Baa1
Stock: TSX: ATD

About Tenant

Circle K Stores, Inc. is an international chain of convenience stores, and the largest independent convenience store operator in the U.S. in terms of the number of company-operated stores. Founded...

...

Listing Broker

Patrick Luther

SRS National Net Lease Group

Contact

353 Listings
16466 Views
129 Sold

Matthew Mousavi

SRS National Net Lease Group

Contact

307 Listings
14862 Views
108 Sold

Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

...

Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

...

Patrick Nutt

SRS National Net Lease Group

Contact

211 Listings
8775 Views
69 Sold

William Wamble

SRS National Net Lease Group

Contact

133 Listings
6350 Views
30 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

...

William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT