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Sheetz Ground Lease, Delaware, OH

Sheetz Ground Lease

Delaware, OH 43015

Price $3,420,000
Cap Rate 5.00%
NOI $171,000
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance
Rental Increases 10% Rental Increases in Option Periods
Year Built 2021
Building Size 6,077 SF
Lot Size 1.879 Acres (81,849 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE TO CORPORATE SHEETZ
» 10% rental increases every option, providing an excellent hedge against inflation
» Absolute NNN ground lease requires no landlord management, ideal for an out of area investor
» Sheetz is one of the largest privately owned chains of convenience stores in the U.S.
» Sheetz is investing significant capital into the construction, providing a safe investment for passive investors

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, GROWING, AND AFFLUENT AREA
» Located at the signalized hard corner of U.S. Highway 23/Columbus Pike and Penny Way, with excellent visibility and access to 34,480 vehicles per day at the intersection
» 54,293 residents within a five-mile radius of the property, establishing a large customer base for the site
» Central location in a robustly affluent area, with an average annual household income of $102,543 within a five-mile radius of the site
» Projected 10% average annual household income increase within five miles of the site in the next five years, poising Sheetz and the immediate trade area for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Located within Coughlin’s Crossing, a new 80-acre mixed use development featuring both residential and commercial buildings
» Across the street from Delaware Community Plaza, a 255,000-SF shopping center featuring 30 stores, including anchor-tenants Walmart and Kroger
» Located within the Delaware City School District (seven schools, 5,694 students)
» Two miles from Ohio Wesleyan University (1,600 students, 200 administrative staff)
» Immediate access to Downtown Delaware

NEW 2021 CONSTRUCTION TO TENANT’S LATEST PROTOTYPE
» Location includes a freestanding restaurant with a drive-thru window and eight (8) canopied gas pumps for added customer convenience



Property Description

The property is strategically located at the signalized hard corner of U.S. Highway 23/Columbus Pike and Penny Way, with excellent visibility and access to 34,480 vehicles per day at the intersection. The site is located in a densely populated and affluent town in the Columbus MSA, with 54,293 residents and an average annual household income of $102,543 within five miles of the property. The site is also poised to grow along with the location, with a projected 10% average annual household income increase within five miles of the site in the next five years.

The property benefits from its central location near many of the region’s largest employers, retailers, and community hubs. The location is set within Coughlin’s Crossing, a new 80-acre mixed use development featuring both residential and commercial buildings. The location also resides across the street from Delaware Community Plaza, a 255,000-SF shopping center featuring 30 stores, including anchor-tenants Walmart and Kroger. The site benefits from being centrally located within the Delaware City School District, which has seven schools and 5,694 students. Ohio Wesleyan University (1,600 students, 200 administrative staff) resides two miles from the site in Downtown Delaware, driving significant additional commuter traffic to and from the site.

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