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Circle K Ground Lease, North Port, FL

Circle K Ground Lease

FL, USA

Price $2,538,500
Cap Rate
NOI
Lease Term 20 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for Taxes, Utilities, Insurance, and Maintenance, Including Roof and Structure
Rental Increases 5% Rental Increases in Year 11 and Every 5 Years Thereafter
Year Built 2018
Building Size 4,404 SF Convience Store with Freestanding Car Wash and Canopied Gas Pumps
Lot Size 2.17 Acres (94,365 SF)
Status Sold
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

NEW 20-YEAR NNN GROUND LEASE
» 5% rental increase in Year 11 and every five years thereafter, providing a hedge against inflation
» Absolute NNN ground lease requires no landlord management, ideal for an outof-area investor
» Long-term lease to investment grade tenant, rated “BBB” by Standard & Poor’s

HIGH-TRAFFIC LOCATION IN EXCELLENT RETAIL AREA
» Located at the signalized hard corner of West Price Boulevard and Sumter Boulevard, with excellent visibility and access to 27,500 vehicles per day at the intersection
» Convenient access to the region’s two major transportation corridors: Interstate 75 (63,000 AADT) and U.S. Highway 41 (40,000 AADT)
» Close proximity to national retailers, including Publix, Walgreens, Walmart Neighborhood Market, 7-Eleven, Anytime Fitness, The UPS Store, Dunkin’ Donuts, Great Clips, Beef ‘O’ Brady’s, and many others

CENTRAL LOCATION NEAR MAJOR NEW DEVELOPMENTS
» Central location in area primed to become the hub of all activity in North Port
» Located in the Heron Creek Towne Center and North Port City Center development area, a 220-acre mixed-use development featuring commercial, retail, administrative, and recreational space
» Next to Heron Creek, a master planned golf and country club community with 803 homes and three nine-hole championship golf courses designed by Arthur Hills

STRONG FLORIDA SUNCOAST MARKET
» North Port is one of Florida’s fastest growing cities
» North Port is the most populous city in the North Port-Bradenton-Sarasota MSA
» The city is only about 20% to 25% developed and is projected to have a built-out population of approximately 268,000
» Between 2010 and 2017, the population within a five-mile radius of the property increased by 12%

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located at the signalized hard corner of West Price Boulevard and Sumter Boulevard, with excellent visibility and access to 27,500 vehicles per day at the intersection. Sumter Boulevard provides convenient access to the region’s two major transportation corridors: Interstate 75 (63,000 AADT) and U.S. Highway 41 (40,000 AADT). The intersection of West Price Boulevard and Sumter Boulevard is a significant retail area with several notable national tenants. Major retailers in the area include Publix, Walgreens, Walmart Neighborhood Market, 7-Eleven, Anytime Fitness, The UPS Store, Dunkin’ Donuts, Great Clips, Beef ‘O’ Brady’s, and many others.

Significant development is both planned and underway for the immediate area surrounding the property. The property is located in the Heron Creek Towne Center and North Port City Center development area, a 220-acre site surrounding the intersection of Sumter and Price, which will soon become the hub of all activity in North Port. Heron Creek Towne Center features a mixture of commercial and retail uses and includes sites for commercial and medical facilities, large and small retail stores, professional and medical offices, banks, restaurants, and lodging facilities. North Port City Center is the center of North Port city government and the location of the new three-story North Port City Hall. Other buildings on the 60-acre site include the North Port Police and Public Safety Headquarters, the North Port Fire Rescue Department, and the George D. Mullin Activity Center. Planning is underway for a branch postal facility, amphitheater, and a branch library. All of this development is directly connected to Heron Creek, a master planned golf and country club community that features three nine-hole championship golf courses designed by Arthur Hills. Heron Creek is directly adjacent to the property and includes 803 homes, and nearly 70,000 residents live within a five-mile radius, providing an excellent customer base for Circle K.

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