Portfolio

Circle K Portfolio - Montgomery, AL

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Key facts

Building Area Gross
Land Area Gross ()
Rentable Area
Occupancy 100.0 %

Portfolio description

Elizabeth "Buff" Teague

In-State Licensee #83353


JLL is pleased to offer the opportunity to acquire the ground leased interests in two (2) Circle K c-store & gas stations in the Montgomery, AL MSA (the “Properties”, “Portfolio”, or “Assets”). The Properties are situated at major interstate entrance/exits along I-85 & I-65, both within 10 miles of the Montgomery CBD. One of the assets (#1 Perry Hill) is a brand-new construction Circle K modern prototype location, featuring a 20-year ground lease and 10% increases every five years, while the other location is subject to 15-year ground lease, operating as Circle K branded remodel from a previous C&G concept. 

Circle K Stores Inc. (the “Tenant”) operates as a subsidiary of Alimentation Couche-Tard Inc. boasting investment-grade, ‘BBB’-rated credit (S&P). The Company has benefitted from significant revenue growth (35.6%) in the last twelve months as a result of rising fuel prices and c-store sales. Convenience store sales historically outperform the broader economy during periods of volatility, with convenience store sales having increased during the last two recessions.

The Properties are strategically located off the interstates in thriving retail trade areas near some of the largest shopping centers in Montgomery, featuring anchor tenancy from Lowe’s, Home Depot, Costco, Walmart, and more, providing a future buyer with excellent underlying real estate fundamentals.

The Offering presents the opportunity to acquire well-located C&G assets backed by investment-grade tenancy on long-term ground leases with zero landlord responsibilities. 

Investment highlights

  • Investment-grade credit ‘BBB’ credit backstops the leases
  • C-stores are resilient in times of volatility, with sales increasing at c-stores during the last two recessions
  • 17.9 years of WALT for the Portfolio, featuring a 20-year lease at Perry Hill and 15-year lease at Cobbs Ford
  • Long-term ground leased assets with zero long-term landlord liabilities

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Circle K Portfolio - Montgomery, AL (2 Properties)
Circle K Cobbs Ford
Millbrook, AL, United States
Circle K Perry Hill
Montgomery, AL, United States
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Last Updated Date: 25 May 2022

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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