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Sheetz Ground Lease, Columbus, OH

Sheetz Ground Lease, Columbus, OH


Investment Summary

Price $3,800,000
Cap Rate
NOI
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 10% rental increases every five (5) years in option periods
Year Built 2023
Building Size 6,077 SF
Lot Size 2.67 Acres (116,336 SF)
Status Closed
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE TO CORPORATE SHEETZ WITH DRIVE-THRU
» New 15-year absolute NNN ground lease with 5% rental increases every five (5) years in initial term and 10% rental increases every five (5) years in option periods
» 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 over 670 locations
» Sheetz is investing significant capital into the construction, providing a safe investment for passive investors

HARD-CORNER LOCATION NEAR OHIO STATE UNIVERSITY
» Hard-corner location on Bethel Road and Godown Road with access to 51,740 combined vehicles per day at the signalized intersection
» Nearby access to State Route 315, a north-south highway in central Ohio which experiences 110,280 vehicles per day in the Columbus metropolitan area
» Three minutes from The Ohio State University Airport and 15 miles from the John Glenn Columbus International Airport (7.45 million passengers in 2022)
» 3.6 miles from OhioHealth Riverside Methodist Hospital (1,059 beds) and The Ohio State University (66,444 students)

ACCESS TO OVER 300K NEARBY RESIDENTS WITH CONTINUED GROWTH
» Surrounded by high-density single-family housing developments and large townhouse complexes
» 313,084 residents within a five-mile radius of the property, establishing a large customer base for the site
» High average annual household income of $125,010 within three miles
» Projected 18% 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

HIGH-QUALITY 2023 CONSTRUCTION BUILT TO TENANT’S LATEST PROTOTYPE
» Location includes a freestanding c-store, drive-thru, and six (6) canopied gas pumps for added customer convenience
» Large, 2.67-acre lot with ample parking available
» Easy access location with multiple entry and exit routes

Property Description

SOLD

» This Sheetz is located on the hard-corner of Godown Road and Bethel Road with access to 51,740 combined vehicles per day at the signalized intersection
» The site is near State Route 315, a north-south highway in central Ohio that experiences 110,280 vehicles per day
» The property is three minutes from The Ohio State University Airport and 15 miles from the John Glenn Columbus International Airport (7.45 million passengers in 2022)
» Additionally, the property is 3.6 miles from OhioHealth Riverside Methodist Hospital (1,059 beds) and The Ohio State University (66,444 students), providing access to a large workforce and student population
» The site is supported by 313,084 residents within a five-mile radius, establishing a large customer base for the site
» The location benefits from a high average annual household income of $125,010 within three miles with projections to increase 18% by 2027 within one mile, supporting Sheetz and the immediate trade area’s concurrent growth

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