This investment is a true NNN lease, as the tenant pays all expenses. The lease is a 17-year NNN lease and commences at close of escrow. The property has an initial cap rate of 7.15%. The new lease includes rent increases of 5% every 5 years. There is one 3-year option, then four 5-year options and then two 10-year market options.
At Circle K, their mission is to be the best place to shop, work, and invest. Their stores are known around the world for offering busy consumers a wide variety of quality products and services in a fast, friendly, and clean environment.
Each Circle K location features an award-winning brand of the Freshest Coffee Going®, ThirstBuster® fountain drinks, beer, snacks, candy, a telecommunications center, and general merchandise. Most locations are also co-branded with a quality gasoline product from such well known brands as 76®, Conoco®, Phillips®, Exxon®, and Mobil®.
This Circle K Gas & Convenience Store is located on Atlanta Highway, near the intersection with Burbank Drive, in Montgomery, Alabama. The subject property is located very close to the Highway 80 and Highway 231 junction. It is surrounded by shopping centers and shopping malls and is close to many large regional car dealerships. Faulkner University is located nearby as well. As a result of the excellent location on a major commercial thoroughfare and its proximity to Highways 80 and 231, the traffic count in the surrounding area is over 42,000 cars per day.
The subject site is located near many local and national commercial establishments. National retail tenants on Atlanta Highway include Winn-Dixie, Arby' s, AutoZone, Budget Car Rental, Red Lobster, Dillards, Citi Financial, AAMCO, Haverty' s, Dollar General and more.