SHEETZ GROUND LEASE Follansbee, West Virginia (Steubenville, Ohio MSA) TENANT OVERVIEW
Representative Photo Offering Memorandum SHEETZ GROUND LEASE Follansbee, West Virginia (Steubenville, Ohio MSA) TENANT OVERVIEW Sheetz is a family owned convenience store chain based in Altoona, Pennsylvania. For more than 60 years, the mission at Sheetz has been to meet the needs of customers on the go. Their stores are located in Maryland, North Carolina, Ohio, Pennsylvania, Virginia, and West Virginia. Sheetz started off with their signature “MTO” name, which stands for “Made To Order.” By 1999, Sheetz was selling 10,000 MTO units a day. Sheetz now trains employees to function as baristas for their newest brand of “Sheetz Bros. Coffeez”, which are designed to be higher-grade coffee than typically found in convenience stores. With the introduction of the “Convenience Restaurant” concept, they have expanded their menu. Customers can purchase made-to- order sandwiches and hot dogs, as well as pizza, burritos, breakfast items, salads and chili. French fries, chicken strips, and other fried appetizers are available at all locations. The Espresso Bar, which offers specialty coffees, are also available at all locations. TENANT FINANCIAL OVERVIEW Ownership Private Sales Volume $6.4 Billion (2016) Credit Rating NAIC2 Rank #55 - Forbes Largest Private Companies Number of Locations 540+ Headquarters Altoona, PA OFFERING HIGHLIGHTS > Over 7 Years Remaining on NNN Ground Lease with Sheetz, Inc. > 10% Rental Increase Coming in 2020 Taking Cap Rate to 5.78% | 10% Rent Bumps Every 5 Years > Cheap Ground Rent in Place at $14.40/SF ($72,000 Annually) > Absolute NNN Ground Lease with Zero Landlord Responsibilities . > Excellent Visibility and Access from the Signalized Intersection of Main Street & Veterans Drive with 22,460 Cars Passing by Daily .
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