Auto Service - Gas-Conv
Circle K (Corporately Guranteed Lease)
103 W Jourdan St, Newton, IL 62448
Listing Price: $2,139,000
Investment Overview
Marcus & Millichap is pleased to present the Circle K in Newton, Illinois.
Circle K operates on the corner of north Van Buren and west Jourdan Street in the heart of downtown Newton. The buildings sits across the street from town hall and next to CVS, Subway, and Dairy Queen. Circle K is only one of three gas stations in town showing a lack of market competition.
The tenant signed an original 15-year lease in 2005 and elected to renew their lease four years early in 2016, extending the lease through June 30, 2031. Circle K’s early renewal is a clear illustration of the success and commitment to this location. There are now seven-and-a-half years left on the current lease, with three five-year renewals available. There are rare rent increases of 7.50% every five years in the base term and renewal options. The lease is absolute triple net and therefore calls for zero landlord responsibility.
Circle K is one of the largest company-owned convenience stores in the country with over 15,000 locations. Circle K is owned and operated by Canadian-based Alimentation Couche-Tard, which is publicly traded under the stock symbol ‘ATD.B’ and carries an investment grade credit rating of (B1 Moody’s).
Circle K (Corporately Guranteed Lease)
Investment Highlights
- Corporately Guaranteed Lease from Circle K
- Potential for Accelerated and Bonus Depreciation Benefits
- Absolute Net Lease
- Tenant Renewed Lease Four Years Early in 2016, Extending Lease Through 2031 | Clear Indication of their Commitment and Success at this Location
- 7.5 Years Remaining on Current Lease
- 7.50 Percent Rent Increases Every Five Years
- Circle K has more than 15,000 Locations Worldwide and is One of the Largest Chain of Company-Owned and Operated Convenience Stores in the United States (6,792 Locations in the U.S.)
Listing Price: $2,139,000
Investment Highlights
- Corporately Guaranteed Lease from Circle K
- Potential for Accelerated and Bonus Depreciation Benefits
- Absolute Net Lease
- Tenant Renewed Lease Four Years Early in 2016, Extending Lease Through 2031 | Clear Indication of their Commitment and Success at this Location
- 7.5 Years Remaining on Current Lease
- 7.50 Percent Rent Increases Every Five Years
- Circle K has more than 15,000 Locations Worldwide and is One of the Largest Chain of Company-Owned and Operated Convenience Stores in the United States (6,792 Locations in the U.S.)
Investment Overview
Marcus & Millichap is pleased to present the Circle K in Newton, Illinois. Circle K operates on the corner of north Van Buren and west Jourdan Street in the heart of downtown Newton. The buildings sits across the street from town hall and next to CVS, Subway, and Dairy Queen. Circle K is only one of three gas stations in town showing a lack of market competition. The tenant signed an original 15-year lease in 2005 and elected to renew their lease four years early in 2016, extending the lease through June 30, 2031. Circle K’s early renewal is a clear illustration of the success and commitment to this location. There are now seven-and-a-half years left on the current lease, with three five-year renewals available. There are rare rent increases of 7.50% every five years in the base term and renewal options. The lease is absolute triple net and therefore calls for zero landlord responsibility. Circle K is one of the largest company-owned convenience stores in the country with over 15,000 locations. Circle K is owned and operated by Canadian-based Alimentation Couche-Tard, which is publicly traded under the stock symbol ‘ATD.B’ and carries an investment grade credit rating of (B1 Moody’s).
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