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Views: 104 Updated: 01.12.24 Posted: 07.08.23 Status: Inactive

Summary

Price $2,577,000
Built/Renov 2023
Tenant Circle K (GL)
Cap Rate 4.85%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,200
Lease Start 09-01-2023
#Units 14,332
Price/SF $495.58
Expiration 08-31-2038
Tenant Type Convenience/Gas
NOI $125,000
R. Term 13.8
Ownership Ground Lease
Rent/SF $24.04
Increases 8.0%/5/yrs
Pop 5Mi 179,540
Lot/AC 1.25
Options 8/5yrs/8%
AHHI 5Mi $79,521

Lease Highlights

  • Brand-new construction, opening 2023
  • New 15-year ground lease with 8 (5-year) options to extend
  • 8% rental increases every 5 years throughout the initial term and at the beginning of each option
  • Absolute NNN | Zero Landlord Responsibilities
  • Corporate guarantee by Alimentation Couche-Tard (TSE: ATD)
  • Alimentation Couche-Tard is an investment grade rated tenant (S&P: BBB)

Location Description

This newly constructed Circle K is strategically located at the signalized, hard corner intersection of State Hwy 289 and State Hwy 114 averaging 35,900 vehicles per day. The site benefits from nearby direct on/off ramp access to State Hwy 289, a major thoroughfare averaging over 61,000 vehicles per day. The subject property is ideally situated in close proximity to West End Center, a 349,000...

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Maps

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Tenant

  • Tenant: Circle K
  • Guarantor:Corp T and Rated
  • Company:Alimentation Couche-Tard
  • # Units:14,332
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: TSE: 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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 274 3,262 16,581
2023 Total Population : 263 3,157 16,249
2023 Employed Civilian Pop : 118 1,466 6,025
2023 Total Businesses : 5 59 501
2023 Average Household Income : $ 84,448 $ 76,079 $ 65,275
2023 Total Consumer Spending : $ 5 M $ 81 M $ 344 M
2023 Median Age : 41 40 36
2023 Total Households : 75 1,209 5,969
2023 Pop Age 25+: Bachelor's Degree : 13 90 794
2023 Average Home Value : $ 135,577 $ 121,702 $ 137,568
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
19th St Fiddlewood Ave 2017 548 0.05 mi
Cr 2900 Trotter Rd 2017 283 1.09 mi
FM 1729 E 4th St 2020 1,212 1.24 mi
FM 1729 E 2nd St 2021 1,064 1.24 mi
FM 1729 Co Rd 6900 2021 1,305 1.40 mi
East FM 40 Co Rd 3000 2019 1,502 1.40 mi
East FM 40 Co Rd 3000 2021 1,707 1.40 mi
19th St C R 3040 2017 199 1.48 mi
Trotter Rd Co Rd 6540 2017 156 1.88 mi
Fiddlewood Ave 50th St 2017 12 1.95 mi

Listing Broker

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