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Sheetz Ground Lease, Raleigh, NC

Sheetz Ground Lease

Raleigh, NC

Price $3,578,000
Cap Rate 4.50%
NOI $161,000
Lease Term 20 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance Including Roof and Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2016
Building Size 6,419 SF
Lot Size ± 3.6 Acres (156,816 SF)
Status Available
Lead Broker Information 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

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

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE TO CORPORATE SHEETZ
» 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. with more than 608 locations and over $7.5 in annual revenue
» All Sheetz stores are company-owned and operated and are open 24 hours a day, 365 days a year
» 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. Route 401/Louisburg Road and Perry Creek Road, with excellent visibility and access to 67,790 vehicles per day at the intersection
» Convenient access to Interstate 540 (97,000 AADT), increasing commuter traffic to the site
» 154,747 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 $96,665 within a five-mile radius of the site
» Projected 13% average annual household income increase within one mile of the site in the next five years, poising Sheetz and the immediate trade area for significant concurrent growth

INFILL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Infill location surrounded by several national retail tenants, including Walmart Supercenter, Target, Food Lion, Wendy’s, Walgreens, Speedway, and many more
» Located within a five-mile radius of nine major shopping centers with a combined 3.7 million SF of retail space and 395 stores
» Central Location within the Wake County Public School System and across the street from North Raleigh Christian Academy (1,439 students)
» One mile from Wake Technical Community College – North Campus (7,000 students)
» Gateway to Downtown Raleigh, North Carolina’s State capital and second largest city (474,069 residents)

HIGH-QUALITY CONSTRUCTION
» Location includes a freestanding restaurant with a drive-thru window, car wash, and six (6) canopied gas pumps for added customer convenience



Property Description

The property is strategically located at the signalized four-way intersection of U.S. Route 401/ Louisburg Road and Perry Creek Road, with excellent visibility and access to 67,790 vehicles per day at the intersection. The location also maintains immediate access to Interstate 540, which experiences 97,000 AADT, significantly increasing commuter traffic to the property. The site is located in a densely populated and affluent area, with 154,747 residents living within a five-mile radius of the property and an average annual household income of $96,665 within five miles of the property. Sheetz is also poised to grow along with the location, with a projected 13% average annual household income increase within one mile 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 surrounded by several national retail tenants, including Walmart Supercenter, Target, Food Lion, Wendy’s, Walgreens, Speedway, and many more. The location resides within a five-mile radius of nine major shopping centers with a combined 3.7 million SF of retail space and 395 stores. The site benefits from being centrally located within the Wake County Public School System and across the street from North Raleigh Christian Academy (1,439 students). Wake Technical Community College – North Campus (7,000 students) resides one mile from the location, driving significant additional commuter traffic to and from the property. The location also serves as a common gateway to Downtown Raleigh, North Carolina’s State capital and second-largest city (474,069 residents).

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