Back in 2009 the owner of Flying J Truck stops was tragically killed riding his Harley Davidson and then the company went into chapter 11 like many companies went through during the financial crisis, including my own company. His family went on to acquire Maverik from what I understand, and the rest is history in the making.
The concept is very similar to Quick Trip, and this trend is doing very well and sending the rest of the industry into survival mode on one level or another. When a Maverik or Quick Trip moves into a market the usual suspects have to get busy with remodels or face the consequences. These Maverik’s have great food and good prices and tend to do very well wherever they go.
On this particular site in Colorado Springs, Colorado, I have to grade this deal a b+ to A- only because it’s a neighborhood location and not an “interstate” location, which makes this location completely dependent on the local https://coloradosprings.govresidential neighborhood for 100% of their sales. In addition, I don’t like the low traffic count, nor do I like the 7.5% increases every five years, not to mention that there is only six years remining on the initial term of the lease. Because of these factors I would offer a 6.25% cap rate and call it a good 1031 exchange. I like the big land position and being next to a Starbucks is a good sign, but they are even closing stores so be careful! https://maverik.com
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