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Sheetz Ground Lease, Lewis Center, OH

Sheetz Ground Lease, Lewis Center, OH


Investment Summary

Price $2,600,000
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 7.069 acres (307,926 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 CONSTRUCTION CORPORATE SHEETZ ON EXCEPTIONALLY LARGE PARCEL
» New 15-year absolute NNN corporate ground lease with 10% rental increases every five (5) years in option periods
» New high-quality 2023 construction built to latest Sheetz prototype
» Site features 10 gas pumps, a drive-thru car wash, and a freestanding c-store with a drive-thru on an exceptionally large 7+ acre parcel
» 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.

SIGNALIZED HARD-CORNER LOCATION ALONG MAJOR NORTH-SOUTH U.S. ROUTE
» High-visibility and easily accessible location at the signalized intersection of Orange Road and U.S. Route 23/Columbus Pike (29,038 AADT)
» Trophy location along U.S. Route 23, a major north-south Ohio thoroughfare leading directly to Columbus and allowing the site to capture significant commuter traffic
» Excellent proximity to major national tenants such as Walmart Supercenter, The Home Depot, Kohl’s, Marshalls, Staples, ALDI, Meijer, McDonald’s, Starbucks, and many more
» Two miles from Highbanks Metro Park, featuring ten trails, picnic space, a nature center, sledding hill, and a nature preserve (1 million annual visitors)

DENSELY POPULATED OHIO SUBURB WITH IDEAL POPULATION AND INCOME DEMOGRAPHICS
» 148,685 residents live within five miles of the property
» Highly affluent average annual household income of $160,082 within a three-mile radius
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Sheetz and Lewis Center for steady concurrent growth
» Excellent proximity to Columbus and The Ohio State University (66,444 students, $19 billion annual economic impact, 61,243 jobs in Ohio)

Property Description

SOLD

» This Sheetz has a high-visibility and easily accessible location at the signalized intersection of Orange Road and U.S. Route 23/Columbus Pike (29,038 AADT)
» The property is a trophy location along U.S. Route 23, a major north-south Ohio thoroughfare leading directly to Columbus and allowing the site to capture significant commuter traffic
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, The Home Depot, Kohl’s, Marshalls, Staples, ALDI, Meijer, McDonald’s, Starbucks, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity two miles from Highbanks Metro Park, featuring ten trails, picnic space, a nature center, sledding hill, and a nature preserve (1 million annual visitors)
» 148,685 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Sheetz and Lewis Center for steady concurrent growth

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