Southland Shopping Center
511 Clairton Boulevard, Pittsburgh, PA, 15236, US
260,305 平方呎
特性
Number of Assets
121
Portfolio Size
453,526 SF
Portfolio Acreage
202
使用／出租率
100%
WAULT
8.7 年
描述
Jones Lang LaSalle America, Inc. ("JLL") is pleased to exclusively offer the opportunity to acquire a portfolio of 121 strategically located convenience stores (the "Portfolio" or "Properties") across the Midwest and Mid-Atlantic, 100% leased to GetGo Operating LLC (“Tenant”), a wholly owned subsidiary of Alimentation Couche-Tard (“Couche-Tard") a leading convenience and gas company. The Properties are under either an absolute NNN or leasehold structure with 8.7 years of WALT remaining. The Portfolio contains 88 fee simple and 33 leasehold assets with varying rental escalations and renewal options, providing investors with multiple investment strategies with optionality for sub-portfolio execution.
Alimentation Couche-Tard Inc. (TSX: ATD; Moody’s: Baa1; S&P: BBB+), the parent company of the Portfolio, is one of the largest independent convenience and fuel retailers in the world, operating close to 17,300 stores across 29 countries under the Circle K, Couche-Tard, and GetGo banners. The Company has built its scale substantially through disciplined M&A, including its $1.57 billion acquisition of GetGo from Giant Eagle (closed June 2025), its earlier acquisitions of Holiday Stationstores, CST Brands, and Statoil Fuel & Retail, and its recent pursuit of Seven & i Holdings, all while maintaining investment-grade credit metrics throughout.
The Portfolio spans five business friendly Midwestern and Mid-Atlantic states (Ohio, Indiana, Pennsylvania, West Virginia, and Maryland) within submarkets offering strong demographics. These locations have strong unit level sales demonstrating their critical importance to Couche-Tard’s North American footprint and regional market presence.
This offering provides investors with multiple paths to value creation, including long-term cash flow ownership and the flexibility to capture outsized, near-term after-tax returns through 100% bonus depreciation on qualifying assets.
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投資亮點
Flexible, Menu-Driven Acquisition Structure
- 121-property Portfolio spanning OH, PA, IN, MD and WV, anchored by GetGo – Couche Tard’s dominant regional c-store and fuel brand
- Portfolio size of 453,526 SF with a 8.7-year blended WALT
- Weighted-average year built of ~2004, reflecting a modern, well-maintained asset base
Publicly Traded, Investment-Grade Credit via Parent Couche-Tard
- GetGo is backed by a corporate guarantee from Mac’s Convenience Stores LLC, the U.S. operating subsidiary of Alimentation Couche-Tard Inc. (TSX: ATD) — a publicly traded, investment-grade global operator of convenience and fuel retail, rated Baa2 (Moody’s) / BBB+ (S&P). Couche-Tard acquired GetGo from Giant Eagle in 2025, folding the brand into its North American network alongside Circle K
Multiple Paths to Value Creation
- The Portfolio provides investors with multiple paths to value creation, including long-term cash flow ownership or the flexibility to acquire assets a la carte to align with individual return objectives. Longer lease sites offer durable, passive income, while shorter-term assets carry outsized after-tax equity yields through 100% bonus depreciation – creating potential to unlock additional value through a customized acquisition strategy
Car Wash Infrastructure Across 28 Assets Drives Sales and Value
- Car wash facilities at 23% of locations (28 of 121 assets) provide the tenant with an incremental, high-margin revenue stream and enhanced customer retention, while active fuel operations at 97% of sites (117 of 121) reinforce daily trip frequency. This built infrastructure strengthens the Portfolio’s competitive positioning and broadens future monetization potential by appealing to both convenience/fuel operations and alternative retail users.
High Traffic, Strong Performing Assets
- The Portfolio consists of 121 strategically located c-store and fueling sites across in-demand Midwest and mid-Atlantic markets, anchored by GetGo’s established regional brand presence and loyal customer base. The locations collectively generate strong fuel and merchandise volume, underscoring their importance within the Tenant’s operating network
- Average Daily Traffic: 21,366 vehicles per day
Tax-Advantaged Basis Through 100% Bonus Depreciation
- Reinstated 100% bonus depreciation (effective through 2030) drives after-tax equity yields upwards of 100% depending on individual or sub-portfolio execution, with the leasehold assets benefiting most due to no land carve-out
- Market cap rates for gas/c-store assets have compressed back toward the low-5% range as bonus-depreciation-motivated buyers re-enter the market and create significant demand
媒體
GetGo 121-Asset National Portfolio (114 項物業)
GetGo 121-Asset National Portfolio (114 項物業)
