Investment Overview

Marcus & Millichap is pleased to present a strategically assembled five-property hybrid convenience retail and travel center portfolio generating approximately $3.8 million in total EBITDA across a complementary mix of fee simple and institutional leasehold assets located throughout the Houston Metropolitan Statistical Area. The portfolio represents an opportunity to acquire immediate operating scale within one of the nation’s most dynamic logistics and population growth corridors, supported by diversified revenue streams, long-term site control, and institutional-quality underlying real estate fundamentals. The portfolio consists of three high-performing leasehold operating locations and two fee simple assets, combining stabilized cash flow with embedded real estate ownership and operational upside. The leasehold component is supported by approximately 2.14x implied rent coverage under a long-term master lease structure with scheduled extension options, while the underlying leasehold real estate was institutionally underwritten at approximately $27.5 million at lease commencement. Collectively, the three leasehold operating locations generate approximately $4.34 million in EBITDAR, providing a highly scalable operating footprint with meaningful infrastructure already in place. Operating performance across the portfolio is strong and diversified. Monthly inside sales range from approximately $78,000 to more than $205,000 per site, while fuel volumes reach up to approximately 262,000 gallons per month at certain locations. The portfolio benefits from multiple durable traffic drivers including primary commuter corridors, industrial and logistics growth, accelerating residential expansion, and established retail demand nodes throughout the Houston MSA. These characteristics support recurring customer traffic, durable site-level cash flow generation, and stable operating performance across varying market conditions. The portfolio includes Remington Ranch, a #5-ranked convenience store in all of Houston, further reinforcing the overall strength of the asset base. A defining attribute of the portfolio is its extensive foodservice ecosystem, which materially diversifies the non-fuel revenue base and enhances overall earnings quality. National and regional concepts including Checkers, Golden Chick, Charley’s, Denny’s, Subway, Church’s Chicken, Dickey’s BBQ, and Lenny’s Grill & Subs operate throughout the portfolio, contributing both direct rental income and sustained customer traffic generation. The breadth of foodservice offerings strengthens customer frequency, supports higher margin inside sales, and creates multiple layers of revenue diversification beyond traditional convenience retail operations. Additional ancillary income streams further enhance portfolio cash flow durability. Select locations benefit from car wash income, truck parking revenue, lottery sales, ATM income, and supplemental in-place tenant rent, creating a multi-channel operating platform with diversified cash flow characteristics. Fuel supply agreements remain in place across the portfolio with remaining terms ranging from approximately two to eight years, providing branded fuel continuity, operational stability, and supply-chain consistency across the assets. The Houston MSA continues to rank among the strongest metropolitan economies in the United States, driven by sustained population growth, expanding logistics and freight infrastructure, energy sector activity, and continued industrial development. The portfolio’s strategic positioning along key transportation corridors and major commuter routes provides exposure to both local consumer traffic and broader regional distribution activity. This offering presents a qualified investor or operator with the opportunity to acquire a scaled convenience retail and travel center platform featuring immediate cash flow, diversified operating income, institutional lease structures, and embedded real estate ownership within one of the country’s most active and supply-constrained markets. Additional upside exists through continued operational optimization, foodservice enhancement, ancillary income expansion, and infrastructure scale efficiencies across the broader platform.