GPM (Gas & Convenience Store)
Development Opportunity with In-Place Income
Marketing description
Northmarq, on behalf of ownership as its exclusive advisor, is pleased to offer for sale the opportunity to acquire the fee simple property located in Frostproof, Florida (the “Property”). The Property consists of four parcels totaling 12.39 acres with one parcel of 0.79 acres leased to GPM Investments, LLC (“GPM”), a wholly-owned subsidiary of ARKO (Nasdaq: ARKO).
The Property provides an attractive development opportunity with in-place income. The leased parcel consists of a convenience store operating under its Town Star brand as well as a Subway sandwich shop and Marathon gas station. GPM has approximately 3,200 store locations, with approximately 1,500 stores being company-operated, making it the 6th largest convenience store chain in the country.
Investment highlights
Land Play with Upside Potential
The Property provides steady income from a long-term, quality tenant and offers the potential to develop the 12.39 acres in the future. The average sale price for land parcels greater than 5 acres in Polk County over the last 3 years has averaged over $50,000 per acre and on-market properties average over $100,000 per acre.
Excellent Tenant
GPM Investments, a wholly-owned subsidiary of ARKO Corp., has approximately 3,200 locations, with almost 1,500 company-operated units and approximately 1,700 dealer locations, making it the 6th largest convenience store chain in the country.
Passive Income
The Tenant is subject to a 15-year lease with approximately four (4) years remaining and two (2), 5-year options. The lease is an absolute NNN lease with no landlord responsibilities and boasts annual increases based on the consumer price index (CPI-U) for the remaining term and options.
Easy Accessibility and Highway Frontage
The Property is conveniently located at the intersection of U.S. Highway 27 (4,825 VPD) and U.S. Highway 98 (17,217 VPD) with approximately 780 feet of road frontage.
Strong Demographics
The Property benefits from the strong surrounding demographics, with a 10-mile population of 33,880 residents earning an average household income of $75,090 annually.
Income Tax-Free State
With the Property being located in Florida, investors can benefit from the investment residing in an income tax-free state.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
