NNN-Leased Sheetz, Mount Union, PA - Bankruptcy Auction

Highlights

• - Corporate guarantee
• - Absolute NNN lease
• - Addendum drafted in 2019 to provide additional renewal periods, as Sheetz third and final renewal period was set to expire on May 31, 2022.
• - The addendum provided (5) 2-yr renewal options and then (5) 12-month renewal options to follow
• - Renewals at 4% rent bumps for each 2-yr renewal and 2% bumps for the subsequent 1-yr renewals.
• - Can be offered in a portfolio with a second NNN-Leased Sheetz property in McConnellsburg, PA.
• - Stalking horse bid has been received at $800k for both assets. (Minimum bid for this property alone must be > $450k)
• *All offers are subject to Bankruptcy Court approval, public hearing, and an open auction in court.*

Description

Introducing 201 N Jefferson St, a prime commercial property in Mount Union, PA which has been ground leased to Sheetz since 1976. Having invested in continual updates over the past 4 decades, Sheetz's NNN tenancy is now on it's first of five 2-year renewal periods, with 5 additional single-year renewals to follow.
This property is offered as part of a Bankruptcy proceeding and presents an opportunity to acquire investment-grade tenancy for an unusually low price. Additionally, there is substantial upside potential to adjust rents to market rates at the end of the currently-prescribed renewal periods. *This property can be bundled with another NNN-leased Sheetz asset in McConnellsburg, PA.

Situated along North Jefferson Street of Mount Union in Huntingdon County, PA, this .8 acre property, just half of mile from Route 22 . This property is ground-leased to Sheetz, one of only three gas stations in Mount Union, on an absolute NNN basis.

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