The sale of a 15-year Sheetz ground lease located in Manheim, PA traded. The asset sold at list price, $3 million.
Both the buyer and seller came to the table with different strategies. The developer was looking to pay down debt and invest in future projects, while the buyer was preserving equity in a 15-year corporate-backed lease.”
The triple-net property was sold pre-construction with approved development to include Sheetz, a town center and hotel, part of a three phase development plan. The 6,103-square foot convenience store is part of the company’s new prototype launch that includes 24-hour service and car wash. Sheetz is scheduled to open for business in September 2016.
“These types of transactions highlight the strong appeal for ground leases of well- respected convenience store brands. Brands such as Sheetz, Royal Farms and Wawa have such a strong demand we are noticing these rates have been compressing over the past 15 months compared to the rest of the net-leased market,” says Garthwaite.
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