Ground Lease to Casey's - Topeka

Highlights:

• Low basis. We are selling ground that is leased to Casey's who, at their expense, installed improvements that enhanced the property value by several million. The combined land and improved value far exceeds the list price.
• Lower risk compared to similar Build-to-Suit investments where the Seller paid for the improvements, thereby charging rent on the improvements and land dramatically increaseing the basis in the investment for the same Tenant credit risk.
• Proven location. Operated as a convenience store and ran unitterupted until this redevelopment for Casey's since 1967.
• Signalized intersection. With curb cuts on 17th St, Washburn Ave., & Byron St.
• 2 Pylon Signs
• The intersection is shared with Washburn University, Hotels, Apartments, and retail. All surrounded by single familiy homes.

Description:

Offered for sale is a .85 acre parcel leased to Casey's (NASDAQ: CASY) who improved the site with a 4,583 sf convenience store with gas.  It's part of a multi-tenant, neighborhood retail center, Campus Center, currently being redeveloped.  The center was originally developed in 1967 with a Kwik Shop convenience store that operated uninterrupted until late 2024 when it was closed to make way for this newly constructed Casey's.  Since this is a ground lease, and Tenant funded all improvements, the acquisition price is less than half of a comparable built-to-suit investment.  This allows investors to control well over $4m worth of real estate for under $2m.


Casey's hard corner location shares the intersection with Washburn University, Apartments, Hotels, and neighborhood retailers while being surrounded by single family homes.  




Low cost basis


Low Risk, High Security - $1,890,000 purchases this land that Tenant paid to improve with more than $2m of value


10% rent bumps every 5 years


Year Built 2025


Fortune 500 Tenant with a market cap of approximately $20B as of July - 2025

Documents: