Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased, Circle K investment property located in Apopka, Florida. The tenant, Circle K Stores Inc., Inc recently signed a brand new 15 year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The Circle K is located at the signalized, hard corner intersection of E Welch Rd and Rock Springs Rd with a combined 38,600 vehicles passing by daily. Rock Springs Rd is a major retail thoroughfare serving the city of Apopka. The site benefits from excellent visibility via significant street frontage and multiple points of ingress/egress. The asset is situated across the street from a 56,000 square foot shopping center anchored by Publix Super Market, the top grocery store in Florida, with outparcels of McDonald’s and 7-Eleven. In addition, Circle K is also across from a 22,700 square foot shopping center with several national/credit tenants including UPS, H&R Block, State Farm, and many more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Starbucks, Taco Bell, Walgreens, Dollar General, Family Dollar, Advance Auto Parts, O’Reilly, AT&T, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 114,600 with an average household income of $104,806.

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