Refuel Market Sale-Leaseback - Georgetown, SC_Property for Sale

3075 N Fraser St, Georgetown, SC, 29440, US

Refuel Market Sale-Leaseback - Georgetown, SC

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Refuel Market convenience store and gas station located at 3075 North Fraser St, Georgetown, SC 29440 (the “Property” or “Asset”). The Property will be long-term leased via sale-leaseback to Refuel Market, the premium fast-growing convenience and gas (“C&G”) operator throughout the Southeast United States.

Upon close of this transaction, Refuel Operating Company LLC (the “Tenant”) will commit to a 20-year absolute NNN lease with 10% contractual rent escalations every 5-years and four (4) x 5-year renewal options – creating a completely passive, growing, long-term income stream for the landlord.

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Attributes

Building area net

4,841 sf

Occupancy

100%

Year built

2025

Land area gross

3.4 acres

WAULT

20 years

Asking price

$6,107,000

Cap rate

6.55%

NOI

$400,000

Lease type

Absolute Triple Net

Media

Investment highlights

EXCELLENT LOCATION ON PREMIER CORNER: Situated at the intersection of SC-51 and SC-701 with exposure to over 19,500 vehicles per day, the Property sits along the gateway into Georgetown - the preferred location for upscale residents and vacationing out-of-towners.

OPTIMAL LEASE ECONOMICS: Upon close of this transaction, the Tenant will commit to a 20-Yr Absolute NNN Lease with 10.0% rent bumps every 5-Yrs, and (4) 5-Yr renewal options - creating a completely passive, growing, and long-term income stream for the landlord from a committed tenant.

STRATEGICALLY POSITIONED BY REFUEL: Refuel's management team strategically selected this site for its new construction state-of-the-art store - following indications it is an underserved area north of Georgetown. This site was uniquely constructed as a new-gen convenience store with many advanced integrations - all of which help to solidify it as a long-term mainstay in Georgetown, SC.

CORPORATE-LEVEL GUARANTEE: The Tenant of this Property, Refuel Operating Company LLC, serves as the guarantor for all Refuel Market locations.

OPERATOR OF SCALE: Refuel Market is a premium retail fuel and convenience store brand, operating across 5 states, with ~2,600 active employees, 234 current locations, and 17 C-store acquisitions completed since 2019. The nationally-recognized brand is bolstered by leadership experience from platforms such as RaceTrac, Speedway, ExxonMobil, Starbuck's, and McDonald's.

BONUS DEPRECIATION: Accelerated tax savings through cost segregation study -- 40% in 2025.

RAPID GROWTH IN GEORGETOWN: While surrounding markets are experiencing immense population growth -- Charleston has grown 14% since 2010 and Myrtle Beach was named the fastest-growing U.S. city for the 3rd year in a row -- the Georgetown market has become the preferred location for upscale residents and travelers alike. The County has seen 49% growth in home value over the past 5 years, 4,150+ units in proposed and recent development projects, all while being named the #1 Best Beach in South Carolina and #1 Best Coastal Small Town in America (USA Today, 2024).