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Sheetz Ground Lease, Winston-Salem, NC

Sheetz Ground Lease

NC, United States

Price $2,825,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 10% Rental Increases Every Five Years During Option Periods
Year Built 2017
Building Size 6,485 SF
Lot Size 2.12 Acres (92,347 SF)
Status Sold
Lead Broker Information Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551


Investment Highlights

ABSOLUTE NET LEASE WITH FIXED RENTAL INCREASES
» 15-year corporate lease with seven five-year option periods
» 10% rental increases every five years throughout the option periods, providing a hedge against inflation
» Absolute NNN ground lease requires no landlord management, providing a passive investment for an out-of-area investor

SHEETZ HAS A LONG-STANDING OPERATIONAL HISTORY SINCE EARLY 50s
» One of the fastest growing convenience stores in the world
» 500 locations across six states and more than 17,000 employees

HIGH-TRAFFIC, HARD-CORNER LOCATION IN DENSE RETAIL CORRIDOR
» Intersection of Silas Creek Parkway and Fairlawn Drive – 38,000 AADT
» Close proximity to several large retail centers featuring major national tenants

CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Over 138,000 people in a five-mile radius
» Close proximity to downtown Winston-Salem and Wake Forest University

PRIME LOCATION IN NEW RETAIL DEVELOPMENT
» $20 million retail development
» Will feature 91,000 SF of retail once completed
» Anchored by a 36,000 SF grocery store

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located on Silas Creek Parkway and Fairlawn Drive, with excellent access and visibility to a combined 38,000 vehicles per day at the intersection. The site is also located near the coeducational research university, Wake Forest University, which saw a total enrollment of 7,669 students during the 2015-2016 school year. Less than half of a mile away is University Plaza, a shopping center which features major tenants like Burlington Coat Factory, Food Lion, McDonald’s, and Office Depot. Additional national tenants near the property include WestRock, Lowes Foods, Wells Fargo, and Dunkin’ Donuts.

The site benefits from its close proximity to Winston-Salem’s Oldtown and the Reynolda Historic District. Additionally, Smith-Reynolds Airport, one of two airports that service the area, is just over five miles from the property. Downtown Winston-Salem is only a 15-minute drive from the site. Due to its convenient central location, the property is located in a densely populated area; over 138,500 people live within a five-mile radius of the site, providing a large customer base for Sheetz.

The property is located in the middle of a $20 million retail development. Once completed, the development will feature 91,000 square feet of retail space and will be anchored by a 36,000 square foot grocery store. A fast food restaurant with a drive-thru has been proposed next to Sheetz, while the grocery store will be directly across from the property. The development also includes several spaces for other retailers or restaurants.

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