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Crossamerica Partners EXCLUSIVE NET - LEASE OFFERING CrossAmerica Partners EXCLUSIVE NET - LEASE OFFERING Offering Memorandum 63 South White Street, Brookville, PA 15825 Confidentiality and Disclaimer Marcus & Millichap hereby advises all prospective purchasers of properties, including newly-constructed facilities or newly- income or expenses for the subject property, the future projected Net Leased property as follows: acquired locations, may be set based on a tenant’s projected financial performance of the property, the size and square sales with little or no record of actual performance, or footage of the property and improvements, the presence or The information contained in this Marketing Brochure has been comparable rents for the area. Returns are not guaranteed; the absence of contaminating substances, PCB’s or asbestos, the obtained from sources we believe to be reliable. However, tenant and any guarantors may fail to pay the lease rent or compliance with State and Federal regulations, the physical Marcus & Millichap has not and will not verify any of this property taxes, or may fail to comply with other material terms of condition of the improvements thereon, or the financial information, nor has Marcus & Millichap conducted any the lease; cash flow may be interrupted in part or in whole due to condition or business prospects of any tenant, or any tenant’s investigation regarding these matters. Marcus & Millichap makes market, economic, environmental or other conditions. Regardless plans or intentions to continue its occupancy of the subject no guarantee, warranty or representation whatsoever about the of tenant history and lease guarantees, Buyer is responsible for property. The information contained in this Marketing Brochure accuracy or completeness of any information provided. conducting his/her own investigation of all matters affecting the has been obtained from sources we believe to be reliable; intrinsic value of the property and the value of any long-term however, Marcus & Millichap has not verified, and will not verify, As the Buyer of a net leased property, it is the Buyer’s lease, including the likelihood of locating a replacement tenant if any of the information contained herein, nor has Marcus & responsibility to independently confirm the accuracy and the current tenant should default or abandon the property, and Millichap conducted any investigation regarding these matters completeness of all material information before completing any the lease terms that Buyer may be able to negotiate with a and makes no warranty or representation whatsoever regarding purchase. This Marketing Brochure is not a substitute for your potential replacement tenant considering the location of the the accuracy or completeness of the information provided. All thorough due diligence investigation of this investment property, and Buyer’s legal ability to make alternate use of the potential buyers must take appropriate measures to verify all of opportunity. Marcus & Millichap expressly denies any obligation property. the information set forth herein. to conduct a due diligence examination of this Property for Buyer. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it NON-ENDORSEMENT NOTICE Any projections, opinions, assumptions or estimates used in this harmless from any kind of claim, cost, expense, or liability arising Marketing Brochure are for example only and do not represent out of your investigation and/or purchase of this net leased Marcus & Millichap Real Estate Investment Services, Inc. the current or future performance of this property. The value of a property. (“M&M”) is not affiliated with, sponsored by, or endorsed by any net leased property to you depends on factors that should be commercial tenant or lessee identified in this marketing package. evaluated by you and your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or Buyer and Buyer’s tax, financial, legal, and construction advisors The information contained in the following Marketing Brochure is endorsement by, said corporation of M&M, its affiliates or should conduct a careful, independent investigation of any net proprietary and strictly confidential. It is intended to be reviewed subsidiaries, or any agent, product, service, or commercial listing leased property to determine to your satisfaction with the only by the party receiving it from Marcus & Millichap and should of M&M, and is solely included for the purpose of providing suitability of the property for your needs. not be made available to any other person or entity without the tenant lessee information about this listing to prospective written consent of Marcus & Millichap. This Marketing Brochure customers. Like all real estate investments, this investment carries significant has been prepared to provide summary, unverified information risks. Buyer and Buyer’s legal and financial advisors must request to prospective purchasers, and to establish only a preliminary ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE and carefully review all legal and financial documents related to level of interest in the subject property. The information CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE the property and tenant. While the tenant’s past performance at contained herein is not a substitute for a thorough due diligence DETAILS. this or other locations is an important consideration, it is not a investigation. Marcus & Millichap has not made any investigation, guarantee of future success. Similarly, the lease rate for some and makes no warranty or representation, with respect to the 63 South White Street, Brookville, PA 15825 Table of Contents Investment Highlights 4 Financial Overview 5 Tenant Overview 6-8 Location Overview 9 Surrounding Area 10 Property/Area Photos 11-12 Market Overview 13 Demographics 14 Regional Map 15 Investment Highlights About the Investment ✓ Original 20-Year True Triple Net (NNN) Lease With 8 Years Remaining ✓ One (1), Five (5)-Year and One (1), Four (4)-Year Option to Renew ✓ Corporate Guarantee | Lehigh Gas – 700+ Locations ➢ CrossAmerica Partners (NYSE: CAPL) Acquired Lehigh Gas – 1,200+ Locations ✓ Alimentation Couche-Tard, Inc. Acquired CrossAmerica Partners in 2017 – One of the Largest Convenience Store Operators in the World About the Location ✓ Close Proximity to Interstate 80 | One-Mile from Subject Property | Average Daily Traffic Counts of Approximately 25,580 Vehicles ✓ Average Household Income Exceeds the National Average | $63,312 Within a One- Mile Radius ✓ Brookville Hospital| 35-Bed Critical Access Hospital Located Approximately One- Half of a Mile from the Subject Property | Recent Additional Three-Story Office Development ✓ Positive Real Estate Fundamentals | Located Directly Across from the Main Supermarket in Town ✓ Proximity to National Tenants | Giant Eagle Supermarket, Burger King, Arby’s, Dairy Queen, Pizza Hut, Denny’s, S&T Bank, Sheetz, Chevrolet, and Many More ✓ Brookville High School | Located One-Mile from the Subject Property | School District Services a Resident Population of 12,485 About the Tenant / Brand ✓ Lehigh Gas Has Over 700 Locations | Acquired by CrossAmerica Partners With 1,200 Locations ✓ CrossAmerica Partners is Publicly Traded on the New York Stock Exchange: CAPL ✓ In 2017, CrossAmerica Partners Was Acquired by Alimentation Couche-Tard, Inc, Which is One of the Largest Convenience Store Operators in the World Representative Photo CrossAmerica Partners – Brookville, PA 4 Financial Overview PRICE: $590,437 | CAP: 8.00% | RENT: $47,235 PROPERTY DESCRIPTION RENT SCHEDULE Monthly Property CrossAmerica Partners Lease Year(s) Annual Rent Rent Escalation (%) Property Address 63 South White Street Rent City, State, ZIP Brookville, PA 15825 Year 12 $46,537.00 $3,878.08 - Year 13 $47,235.06 $3,936.25 1.50% Year Built / Renovated 1987/2006 Year 14 $47,943.58 $3,995.30 1.50% Building Size 2,400 SF Year 15 $48,662.73 $4,055.23 1.50% Lot Size +/- 0.40 Acres Year 16 $49,392.68 $4,116.06 1.50% Type of Ownership Fee Simple Year 17 $50,133.57 $4,177.80 1.50% CURRENT RENT Year 18 $50,885.57 $4,240.46 1.50% Annual Rent $47,235 Year 19 $51,648.85 $4,304.07 1.50% CAP Rate 8.00% Year 20 $52,423.59 $4,368.63 1.50% Purchase Price $590,437 *Current rent is $46,537, seller to credit rent at closing LEASE SUMMARY TENANT SUMMARY Property Type Net-Leased Gas and Convenience Store The lease is guaranteed by Lehigh Gas Corporation. Lehigh has over 700 company run or dealer operated sites, however, in 2014 Lehigh Gas was Ownership Type Public acquired by a much larger company, CrossAmerica Partners. Tenant / Guarantor Lehigh Gas/Corporate CrossAmerica is a publicly traded master limited partnership that is Original Lease Term 20 Years engaged in the wholesale distribution of motor fuels, consisting of Rent Commencement 7/17/2006 gasoline and diesel fuel, and owns and leases real estate used in the Lease Expiration 4/01/2027 retail distribution of motor fuels. They are publicly traded on the New Lease Term Remaining 7.5+ Years York Stock Exchange under the symbol "CAPL." Lease Type NNN Roof & Structure Tenant Responsible Rental Increases 1.50% Annual Increases One, Five-Year and One, Four-Year Options to Renew Option CrossAmerica Partners – Brookville, PA 5 Tenant Overview Formed in 2012, CrossAmerica Partners is a publicly traded master limited partnership that is engaged in the wholesale distribution of motor fuels,
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