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Circle K Ground Lease, Lake City , FL

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.

Contact Us About This Property


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