The Boulder Group, a net leased investment brokerage firm, completed the sale of a CrossAmerica Partners convenience store and gas station located at 1698 Main Street in Chipley, Florida for $3,450,000.
The property benefits from its location along Main Street (12,500 vehicles per day), just ¼ mile north of I-10 (21,500 vehicles per day). Notable retailers nearby include Walmart, Tractor Supply Co, Dollar Tree, Wendy’s, Waffle House, Domino’s, KFC, Arby’s, and multiple hotels. The surrounding area has a population of 20,870 people within a ten-mile radius, with an average household income of $63,601.
The absolute net 20-year lease features a corporate guaranty. The tenant has over 19 years of lease term remaining with four 5-year renewal options. There are 7.5% rental increases every 5 years. This is a 2.33-acre site with 9 Tesla Supercharging stations. The property contains an operating Burger King restaurant on the premises.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The buyer is a Louisiana-based private investor and the seller is a commercial real estate development firm based in Alabama and Tennessee.
CrossAmerica Partners is a leading U.S. wholesale distributor of motor fuels, operator of convenience stores, and owner and lessee of real estate used in the retail distribution of motor fuels. The company is publicly traded (NYSE: CAPL) and is headquartered in Allentown, PA. CrossAmerica Partners distributes petroleum for motor vehicles to approximately 1,800 locations and owns or leases approximately 1,100 sites. The company operates in 34 states.
"Gas station properties rank among the top net lease investments for investors seeking to leverage bonus depreciation benefits" said Randy Blankstein, President of The Boulder Group. Jimmy Goodman of The Boulder Group, added, "Florida based real estate assets continue to garner significant interest from private investors."
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high-net-worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $9 billion of single tenant net lease real estate transactions. From 2013-2023, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
More info: www.bouldergroup.com
Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html
