Circle K Ground Lease
Lake City, FL
| Price | $3,000,000 |
| Cap Rate | 4.00% Return |
| NOI | $120,000 |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 5% Rental Increases Every Five (5) Years |
| Year Built | 2022 |
| Building Size | Contact For Details |
| Lot Size | 1.47 Acres (64,033 SF) |
| Status | Available |
| Lead Broker Information | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 KC Patterson Brokerage 925.627.2884 kc.patterson@cushwake.com CA RE License #02034317 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN GROUND LEASE
» New 15-year absolute NNN ground lease to investment-grade tenant, rated “BBB” by Standard & Poor’s
» 5% rental increases every five years, providing an excellent hedge against inflation
» Circle K is the largest chain of company-owned convenience stores in the United States, with over 14,200 locations
STRATEGIC LOCATION IN TRAFFIC-DENSE FLORIDA CORRIDOR NEAR I-75
» Just off of the on/off ramp for both Interstate 75 (51,000 AADT) and U.S. Route 90 (36,500 AADT)
» Interstate 75 carries a large percentage of Florida’s tourist and commercial traffic, attracting a significant amount of 18 wheeler traffic directly to the site
» U.S. Route 41 and U.S. Route 90 (the U.S. Route versions of Interstate 75 and Interstate 10) intersect in Lake City, as the area relies on travelers for a considerable part of its economy
» Across from HCA Florida Lake City Hospital (91 beds, $940 million in total patient revenue, 60,000+ annual patients)
GROWING FLORIDA SUBURBAN LOCATION WITH STRONG DEMOGRAPHICS
» Located within Gateway Crossing, a new 28-acre mixed-use retail development
» Surrounded by a strong mix of local and national retailers, attracting significant crossover shopping to the location, including Hobby Lobby, DICKS Sporting Goods, Longhorn Steakhouse, Olive Garden, Chili’s Grill & Bar, Texas Roadhouse, Chipotle, and many more
» High-visibility location at the intersection of U.S. Route 90 and Interstate 75 (combined 87,500 AADT)
» Projected 12 percent AAHI increase within 15 miles of the site in the next five years, poising Lake City and Circle K for significant concurrent growth
NEW 2022 CONSTRUCTION IN TAX FREE STATE
» Brand new 2022 construction built to Circle K’s latest commercial truck filling station
» Location is behind a freestanding Circle K convenience store with canopied gas pumps for added customer convenience
» Florida has no state income tax, estate tax, or inheritance tax
Property Description
This Circle K property is part of Gateway Crossing, a 28-acre retail development located at the intersection of U.S. Route 90 and Interstate 75, with access and visibility to 87,500 vehicles per day. U.S. Route 90 is Lake City’s primary retail corridor and connects Lake City to large metropolitan areas, including Jacksonville and Tallahassee. Interstate 75 is Florida’s main north-south freeway and a popular route for tourist and commercial traffic. Located in Lake City’s leading retail area, the property is surrounded by major national tenants, including Walmart Supercenter, The Home Depot, Lowe’s, Publix, ALDI, Chick-fil-A, McDonald’s, Starbucks, and many more. 75,722 residents live within a 15-mile radius of the location as well, establishing a consistent customer base for the site.
The property is conveniently located across from HCA Florida Lake City Medical Center, a 91-bed hospital with $940 million generated in total patient revenue that treats over 60,000 patients annually. The location is surrounded by a strong mix of local and national retailers, attracting significant crossover shopping to the location, including Hobby Lobby, DICKS Sporting Goods, Longhorn Steakhouse, Olive Garden, Chili’s Grill & Bar, Texas Roadhouse, Chipotle, and many more. The site is also within a one-mile radius of 15 different hotels, driving regular foot traffic to the site during all business hours. Additionally, the property is close to popular recreational areas such as Quail Heights Country Club and The Country Club at Lake City. These attractions provide a strong customer base for the property, which caters to tourist traffic in the area.
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