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Circle K Ground Lease, Rockport, TX

Circle K Ground Lease, Rockport, TX


Investment Summary

Price $3,053,000
Cap Rate 4.75%
NOI $145,000
Lease Term 20 years
Lease Type Absolute NNN ground lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 7.5% rental increases every five (5) years
Year Built 2024
Building Size 5,200 SF
Lot Size 1.02 acres (44,685 SF)
Status Available
Lead Brokers 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

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN GROUND LEASE TO CIRCLE K
» New 20-year absolute NNN ground lease to an investment-grade tenant, rated “BBB” by Standard & Poor’s
» 7.5% rental increases every five (5) years during initial term and option periods
» Circle K is one of the largest chains of company-owned convenience stores in the United States, with over 14,200 locations
» Brand new 2024 high-quality construction featuring a freestanding Circle K convenience store with ten (10) canopied gas pumps, for added customer convenience
» Texas is an income tax-free state

HIGH-VISIBILITY LOCATION ALONG TEXAS STATE HIGHWAY 35
» Ideal setting at the signalized hard-corner of Henderson Street and Texas State Highway 35
» TX-35 is a major north-south Texas thoroughfare with excellent visibility and access to 19,966 vehicles per day directly in front of the site
» Three miles from Aransas County Airport, allowing the site to capture a significant amount of additional traveler traffic
» One mile from Rockport’s most heavily attended schools, including Rockport Middle School and Rockport High School (combined 1,653 students)
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, H-E-B, Whataburger, McDonald’s, Popeyes, Pizza Hut, and many more

IDEAL LOCATION IN A LARGE AND AFFLUENT TEXAS REGION
» Population of 35,188 within 15 miles, creating a stable customer base
» High-income location with an average annual household income of $102,828 within a one-mile radius
» Projected population and AAHI increases within 1-, 3- and 5-mile radii over the next five years poise Circle K and Rockport for steady concurrent growth
» Common gateway to Corpus Christi, the eighth-most populous city in Texas (316,239 residents)

Property Description

» This Circle K is located conveniently at the signalized hard-corner of Henderson Street and Texas State Highway 35
» Texas State Highway 35 is a major north-south Texas thoroughfare with excellent visibility and access to 19,966 vehicles per day directly in front of the site
» The property is located in a populous and affluent area, with a population of 35,188 within 15 miles and an average annual household income of $102,828 within a one-mile radius, creating a stable customer base
» This Circle K is just three miles from Aransas County Airport, attracting significant crossover shopping to the location
» The site is surrounded by a strong mix of local and national retailers, including Walmart Supercenter, H-E-B, Whataburger, McDonald’s, Popeyes, Pizza Hut, and many more
» The property is a commonly traveled gateway to Corpus Christi, a premier Texas attraction and the eighth-most populous city in Texas (316,239 residents)

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