BP Gas Station

Avon Lake, Ohio

Offering Summary

  • Status: closed
  • Price: $1,800,000
  • CAP Rate: 6.87%
  • Term: 11 Years
  • Net Operating Income: $121,302
  • Price/SF: $1,168.57
  • Year(s) Built: 1994
  • Lot Size (Acres): 0.51
  • Lease Type: Absolute NNN
  • BP Gas Absolute NNN Lease with 11 Years Remaining in Avon Lake, Ohio (Cleveland MSA)
  • 2% Annual Rent Increases in Base Term and Options Provides Inflation Hedge & Substantial NOI Growth Over Hold Period
  • Fee-Simple Absolute NNN Lease Structure – Zero Landlord Responsibilities & Ability to Depreciate Improvements
  • Increased Tax Savings & Cash Flow – 15-Year Accelerated Depreciation Schedule
  • Uni-Mart Convenience Store & 8-Pump Canopied Gas Station Situated on 0.5-Acre
  • Full Corporate Guaranty from Publicly-Traded CrossAmerica Partners LP (NYSE: CAPL) & Several Subsidiaries
  • Tenant Fully Indemnifies Landlord for Any and All Environmental & Hazardous Materials Issues – Tenant’s Covenants Survive the Expiration of the Lease
  • CrossAmerica Partners LP Operates Over 1,000 Branded Gas Stations Throughout 31 States –Brand Partners Include BP, ExxonMobil, Shell, Chevron, Marathon, Gulf, Valero, Citgo, Sunoco & Phillips 66
  • CrossAmerica Partners LP Reported FY2019 Sales of $2.15 Billion
  • Situated at the Hard Corner Signalized Intersection of Walker Road & Avon Belden Road with 28,500 Cars/Day
  • Dense Suburban Demographics with 34,624 Residents within 3-Mi & 73,980 Residents within 5-Mi; AHHI of $122-$124K
  • Neighboring Tenants Include Walgreens, McDonalds, Taco Bell, Buffalo Wild Wings, Burger King, and Dozens of Local Restaurants, Auto Service Centers, and Medical Offices
  • Cleveland-Elyria MSA Population of Over 2 Million; Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.6 Million
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director