The property was a build-to-suit for Circle K in 2020. Upon the completion of construction, a long term 20-year lease commenced. The lease is absolute triple net presenting no landlord responsibilities. The property is strategically positioned off of Intestate 30, which experiences over 68,000 vehicles per day. It also benefits from its proximity to national tenants like The Home Depot and Walmart. There are over 48,000 people living within a five-mile radius, those of which earn an average household income of $87,766. The population is projected to grow by 7.3% over the next five years as well.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The seller is based in the Midwest and the buyer was a private investor in Louisiana.
There are fourteen years remaining on the Circle K lease. The lease features 10% rental escalations every five years throughout the primary term and four 5-year renewal options. Gas Express LLC is the largest Circle K franchisee with over 70 Circle K branded convenience stores.
“With the reinstatement of 100% bonus depreciation, convenience store assets are once again capturing the keen attention of investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman of The Boulder Group, added, “The asset’s strategic location off of Interstate 30 has been a key driver of its ongoing success.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high-net-worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $9 billion of single tenant net lease real estate transactions. From 2014-2024, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html