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Auto Service - Gas-Conv

Pilot - Cokeville, WY

10501 US-30, Cokeville, WY 83114

Listing Price: $6,600,000

Cap Rate
4.95%
Tenant Name
Flying J - Pilot
Years Remaining On Lease
18.1
Gross SF
12,147
Guarantor
Corporate Guarantee
Rentable SF
12,147
Price/Gross SF
$543.34
Lease Type
Absolute Net
Rent Per Square Feet
$26.92

Investment Overview

Marcus & Millichap is pleased to present for sale this Pilot Travel Center located
at 10501 US Highway 30 in Cokeville, Wyoming. The town was named for the
coal found in the area. It is served by the Cokeville Municipal Airport.
Pilot merged with Flying J in 2010 taking the name Pilot Flying J. In 2017,
Warren Buffett-controlled Berkshire Hathaway acquired a 38.6% stake in
Pilot Flying J and earlier this year increased their stake to 80 percent of the
company. The remaining 20 percent of the company is owned by the Haslam
family, the founders of Pilot Corporation, which has retained control of day-today
operations.
The tenant recently signed a 20-year absolute triple-net lease with 10 percent
escalations in rent every five years including the four 5-year rental option
periods. The subject property built in 1999 is located on 8.484± acres with a
12,147 square foot store with 90 truck parking spaces, 11 diesel fuel lanes,
12 gas fueling stations and four showers.
Pilot is strategically located at the western boundary of Wyoming abutting
Idaho and Utah. Positioned halfway between Salt Lake City, Utah and the ski
resorts of Jackson, Wyoming and natural wonders of Yellowstone National
Park and Grand Teton National Park draws both car and truck traffic through
Cokeville. This placement proves to be beneficial as this location is within the
top 12 percent of all gas stations and convenience stores for annual visits in
Wyoming with 116,100 annal visits (Placer.ai).
Headquartered in Knoxville, Tennessee, Pilot Flying J is the largest operator
of travel centers in North America with more than 750 locations throughout
the United States and Canada. Pilot Flying J is one of the leading suppliers of
fuel and the largest operator of travel centers in North America and the largest
seller of over-the-road diesel fuel in the United States.

Investment Highlights

  • Rare Corporate Guaranteed Lease | Pilot Travel Centers LLC
  • Absolute NNN Lease | Zero Landlord Responsibilities
  • Fee Simple Ownership Allowing for Depreciation | 80% Bonus Available in 2023 (Consult CPA)
  • Pilot Flying J is 80% Owned by Warren Buffett-controlled Berkshire Hathaway (S&P: AA+)
  • Ranked #5 in Forbes Largest Privately Held Companies in 2022 | Revenue $45B | 140,000 Employees
  • Wyoming is a No Income Tax State

Broker of Record

  • Adam Lewis

    First Vice President/Regional Manager

    (303) 328-2000

    License(s) WY: RE-16571

    Wyoming

Financing By

Auto Service - Gas-Conv

Pilot - Cokeville, WY

Listing Price: $6,600,000

Cap Rate
4.95%
Tenant Name
Flying J - Pilot
Years Remaining On Lease
18.1
Gross SF
12,147
Guarantor
Corporate Guarantee
Rentable SF
12,147
Price/Gross SF
$543.34
Lease Type
Absolute Net
Rent Per Square Feet
$26.92

Investment Highlights

  • Rare Corporate Guaranteed Lease | Pilot Travel Centers LLC
  • Absolute NNN Lease | Zero Landlord Responsibilities
  • Fee Simple Ownership Allowing for Depreciation | 80% Bonus Available in 2023 (Consult CPA)
  • Pilot Flying J is 80% Owned by Warren Buffett-controlled Berkshire Hathaway (S&P: AA+)
  • Ranked #5 in Forbes Largest Privately Held Companies in 2022 | Revenue $45B | 140,000 Employees
  • Wyoming is a No Income Tax State

Investment Overview

Marcus & Millichap is pleased to present for sale this Pilot Travel Center located at 10501 US Highway 30 in Cokeville, Wyoming. The town was named for the coal found in the area. It is served by the Cokeville Municipal Airport. Pilot merged with Flying J in 2010 taking the name Pilot Flying J. In 2017, Warren Buffett-controlled Berkshire Hathaway acquired a 38.6% stake in Pilot Flying J and earlier this year increased their stake to 80 percent of the company. The remaining 20 percent of the company is owned by the Haslam family, the founders of Pilot Corporation, which has retained control of day-today operations. The tenant recently signed a 20-year absolute triple-net lease with 10 percent escalations in rent every five years including the four 5-year rental option periods. The subject property built in 1999 is located on 8.484± acres with a 12,147 square foot store with 90 truck parking spaces, 11 diesel fuel lanes, 12 gas fueling stations and four showers. Pilot is strategically located at the western boundary of Wyoming abutting Idaho and Utah. Positioned halfway between Salt Lake City, Utah and the ski resorts of Jackson, Wyoming and natural wonders of Yellowstone National Park and Grand Teton National Park draws both car and truck traffic through Cokeville. This placement proves to be beneficial as this location is within the top 12 percent of all gas stations and convenience stores for annual visits in Wyoming with 116,100 annal visits (Placer.ai). Headquartered in Knoxville, Tennessee, Pilot Flying J is the largest operator of travel centers in North America with more than 750 locations throughout the United States and Canada. Pilot Flying J is one of the leading suppliers of fuel and the largest operator of travel centers in North America and the largest seller of over-the-road diesel fuel in the United States.

Broker of Record

  • Adam Lewis

    First Vice President/Regional Manager

    (303) 328-2000

    License(s): WY: RE-16571

    Wyoming

Financing By

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