3357 Manchester Rd
Akron, OH 44319
Circle K | Corp. Guaranty | 1.5% Annual Bump · Retail Property For Sale

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to market for sale Circle K in Akron, Ohio. The subject property is a 2,800-square-foot all-brick convenient store with drive-thru and a 10-pump canopied gas station built in 1994 and situated on 1.16-acres. Circle K is leased to absolute net terms through December 2027, providing the prospective purchaser with 9 years of remaining lease term. As an absolute net lease, there are zero landlord responsibilities. Circle K is subject to 1.5 percent annual rent increases, providing a strong inflation hedge and significant income growth over the hold period. As a convenience store with a gas station, the property may be depreciated on an accelerated 15-year schedule, providing greater annual cash flow to the prospective purchaser versus most other non-gas station assets that must be depreciated over 39 years. The property carries a both a corporate guarantee from parent company Alimentation Couche-Tard Inc. and a subsidiary guarantee from Mac’s Convenience Stores LLC, a business unit of Couche-Tard. Couche- Tard is one of the largest convenience and gas retailers in the world with 16,000 locations in North America and Europe, including 7,800 locations throughout 48 states. Couche-Tard is publicly traded on the Toronto Stock Exchange (ATD-A) with a current market capitalization of $37.7 billion, and carries Moody’s “Baa2” investment grade credit with a stable outlook. In fiscal year 2018, Couche-Tard reported sales of $51.39 billion. Circle K is located along Manchester Road/Route 93, which sees strong traffic counts of 22,153 cars per day. Route 93 is a primary north-south thoroughfare connecting Downtown Akron to the Portage Lakes, which are located less than five miles from Downtown. The Portage Lakes are a popular recreation destination marked by several lakes with lakefront homes and boat docks, a state park, and the Firestone Country Club, a regular stop on the PGA Tour that has hosted over 70 professional golf tournaments. Additionally, the subject property is located just 1.4 miles south of Interstate 277 which sees 71,511 cars per day. The surrounding area is marked by single-family lakeside homes, with 2,725 residents within one mile, 53,241 residents in three miles, and 140,364 residents within five miles. Prominent regional and national tenants in the immediate vicinity include Acme Fresh Market, Harbor Freight, Save A Lot, Dollar General, Taco Bell, McDonald’s, Burger King, Dunkin’ Donuts, PNC Bank, Pet Supplies Plus, Sherwin-Williams, and Advance Auto Parts to name a few. The Akron MSA is home to a population of 700,000, and is within the larger Cleveland-Akron-Canton CSA with a population of 3.5 million.