NNN-Leased Sheetz, McConnellsburg PA - Bankruptcy Auction

Highlights

• - Corporate guarantee
• - Absolute NNN lease
• - New lease drafted in 2006 that went into effect in 2007, for 15 years, ending April 30, 2022
• - The lease is now in its first of three 5-yr renewals
• - 10% rent rate bumps every 5 years
• - Can be offered in a portfolio with a second NNN-Leased Sheetz property in Mount Union.
• - Stalking horse bid has been received at $800k for both assets. (Minimum bid for this property alone must be > $500k)
• *All offers are subject to Bankruptcy Court approval, public hearing, and an open auction in court.*

Description

Introducing 720 Lincoln Way East, a prime commercial property in McConnellsburg which has been ground leased to Sheetz since 1975. Having invested in continual updates over the past 4 decades, Sheetz's NNN tenancy is now on it's first of three 5-year renewal periods. 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 Mount Union, PA.

Situated along the main artery of McConnellsburg in Fulton County PA, this .65 acre property, located between a newly renovated McDonalds and a newly constructed Advanced Auto, is just half a mile from Route 522 and under 1.5 miles from Route 30. This property hosts an updated Sheetz, which is one of only three gas stations in McConnellsburg and the only one with a full convenience offering.

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