Circle K Ground Lease,
Lakeland, FL Investment Summary
| Price | $2,815,000 |
| Cap Rate | 4.50% |
| NOI | $126,656 |
| 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 After Year 10 |
| Year Built | 2022 |
| Building Size | 5,200 SF |
| Lot Size | ±1.74 Acres (75,840 SF) |
| Status | Available |
| Lead Brokers | 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 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 Jack Hinson Brokerage 704.572.9921 jack.hinson@cushwake.com CA RE License #02059267 |
Investment Highlights
15-YEAR ABSOLUTE NNN GROUND LEASE TO CIRCLE K
» New 15-year absolute NNN ground lease to an investment-grade tenant, rated “BBB” by Standard & Poor’s
» 5% rental increases every five years after year 10, including renewal periods
» Circle K is one of the largest chain of company-owned convenience stores in the United States, with over 14,200 locations
HARD-CORNER LOCATION WITH EXCELLENT HIGHWAY VISIBILITY
» Across from Publix Super Market, with nearby notable tenants such as O’Reilly Auto Parts, McDonald’s, Burger King, Taco Bell, Sonic Drive-In, and more
» Conveniently located on the hard corner of U.S. Highway 98 South and Wallace Road, with excellent visibility and access to 40,500 vehicles per day via U.S. Highway 98 South
» Two miles from Polk State College – Lakeland Campus (1,200 employees), Polk County’s largest institution of higher education, serving nearly 13,000 degree seeking students and 16,000 individuals in the workforce
» Near well-attended schools including Spessard Holland Elementary (727 students), Highland City Elementary School (417 students), Collegiate High School (288 students), and several others
ROBUST DEMOGRAPHICS IN GROWING FLORIDA CITY
» 77,240 residents within five miles of the property (13% growth since 2010)
» $112,519 average annual household income within a three-mile radius (projected 17% increase by 2027)
» 10 miles from Lakeland Linder International Airport and Bartow Executive Airport
NEW 2022 CONSTRUCTION IN TAX-FREE STATE
» Brand new 2022 high-quality construction
» Location features a freestanding Circle K convenience store with seven (7) canopied gas pumps, for added customer convenience
Property Description
» Circle K is conveniently located on the hard corner of U.S. Highway 98 South and Wallace Road, with excellent visibility and access to 40,500 vehicles per day
» The site is across from Publix Super Market with nearby notable tenants such as O’Reilly Auto Parts, McDonald’s, Burger King, Taco Bell, Sonic Drive-In, and more
» The property is two miles from Polk State College – Lakeland Campus (1,200 employees), Polk County’s largest institution of higher education, serving nearly 13,000 degree-seeking students and 16,000 individuals in the workforce
» The location is near well-attended schools including Spessard Holland Elementary (727 students), Highland City Elementary School (417 students), Collegiate High School (288 students), and several others
» Growing community of 77,240 residents within a five-mile radius (13% growth since 2010) with the average annual household income of$112,519 within three miles projected to increase 17 percent by 2027
» The site is centrally located 10 miles from Bartow Executive Airport and Lakeland Linder International Airport, the fourth busiest cargo airport in Florida
