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

201 North Jefferson Street Mount Union, PA 17066

Mount Union
FOR SALE Auction Property
Property Type:
Free Standing Building
Amount:
$450,000
Last Verified:
Apr 10, 2024

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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.

Building Size: 3000sq ft
Lot Size: 0.8 acres


Documents

201 NORTH JEFFERSON STREET, MOUNT UNION, PA 17066 SALE

Map of 201 North Jefferson Street, Mount Union, PA, 17066

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