Circle K (GL)

26072 Alabama 181, Daphne, AL 36526

$3,820,000

Cap Rate 5.50%

$3,999,500

Cap Rate 5.25%

Views: 234 DOM: 121 Updated: 06.28.24 Posted: 12.21.23 Status: Sold 04.20.24

Summary

Price $3,820,000 $3,999,500	Built/Renov 2023	Tenant Circle K (GL)
Cap Rate 5.50% 5.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 5,200	Lease Start 10-01-2023	#Units 16,700
Price/SF $734.62 $769.13	Expiration 10-01-2038	Tenant Type Convenience/Gas
NOI $210,000	R. Term 13.9	Ownership Ground Lease
Rent/SF $40.38	Increases 5.0%/10/yrs	Pop 5Mi 48,272
Lot/AC 2.00	Options 7/5yrs/5%	AHHI 5Mi $98,555

Lease Highlights

Brand-new 2023 construction
Circle K recently executed a brand-new 15-year ground lease with 7 (5-year) options
Lease features 5% rental increase in year 11 and at the beginning of each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Circle K is strategically located at the signalized, hard corner intersection of State Hwy 181 and Daphne Road, with a combined daily traffic count of 38,800 vehicles. The site benefits from nearby direct on/off ramp access to Interstate 10 (69,200 VPD), the primary route providing access to and from Mobile, Alabama. Notable national/credit tenants in proximity include Target, The Home Depot,...

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Key Features

New construction
Signalized intersection
Hard corner intersection
Highway location
Affluent suburb location
Absolute NNN
Long 10+ yr lease
Accelerated depreciation
Traded and rated company
Corporate Guarantee

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Links

Circle K Wikipedia Circle K Wikipedia Daphne, Alabama Zip Code 36526 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....

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,120	27,167	56,851
2023 Total Population :	3,701	24,504	53,013
2023 Employed Civilian Pop :	1,903	12,421	26,863
2023 Total Businesses :	76	617	1,891
2023 Average Household Income :	$ 129,543	$ 112,461	$ 108,574
2023 Total Consumer Spending :	$ 149 M	$ 870 M	$ 1922 M
2023 Median Age :	38	39	41
2023 Total Households :	1,364	9,053	20,667
2023 Pop Age 25+: Bachelor's Degree :	604	4,183	9,821
2023 Average Home Value :	$ 338,694	$ 347,315	$ 338,801

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
AL 181	Sommerset Dr	2014	14,410	0.04 mi
Daphne Avenue	Rigsby Rd	2019	8,184	0.32 mi
Daphne Avenue	Rigsby Rd	2018	8,024	0.32 mi
AL 181	Belgrove Ave	2021	19,241	0.33 mi
CR 64		2021	13,075	0.45 mi
Austin Road	County Rd27	2020	1,699	0.63 mi
Austin Road	County Rd27	2021	1,699	0.63 mi
AL 181	Sommerset Dr	2014	20,530	0.80 mi
Austin Road	Misty Glen	2018	1,619	0.82 mi
AL 181	Bella Dr	2020	16,900	0.96 mi

Listing Broker

William Wamble

SRS National Net Lease Group

Contact

186 Listings
24825 Views
49 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
31916 Views
93 Sold

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

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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

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