9062 S Hwy 69 - Convenience Store FOR SALE


Savanna, OK 74565
$21,000,000 USD
9062 S Hwy 69, Savanna, OK for Sale
$21,000,000 USD
Convenience Store - FOR SALE
1/4
null | 7.5% Cap Rate

9062 S Hwy 69
Savanna, OK 74565


HIGHLIGHTS

  • 28+ Year Absolute Net Lease | Zero Landlord Responsibilities
  • Four, 10-Year Options with 2% Annual Increases
  • 11,853 Square Foot Store | Parcel is 6.33 Acres Including 60 Truck Parking Spaces
  • LV Petroleum Guarantee | 44+ TA Truck Stops | Guarantor has a Robust Pipeline of 15+ Truck Stops
  • LV Petroleum has Recently Completed $3,100,000 in Improvements
  • Located on Highway 69 with 17,778 Vehicles Per Day

OVERVIEW

Marcus & Millichap is pleased to present for sale this TravelCenters of America (TA) operated by LV Petroleum, located at 9062 Highway 69, Savanna, OK. Savanna is located in Pittsburgh County in the south east quadrant of the state. The subject property is strategically located on Highway 69 with 17,778 vehicles per day. This highway is the most direct route from Dallas to the Midwest, including Kansas City, St. Louis and beyond. Within a 15-mile radius of the property, there is 1.6 million square feet of industrial property 2 million square feet of retail. This truck stop is located only a three-minute drive from the University of North Dakota with over 14,000 students enrolled. The guarantor, LV Petroleum, has over 28 years remaining on the absolute triple-net lease with 2 percent annual escalations including the four, 10-year rental option periods. LV Petroleum is the largest franchise operator under the TravelCenters of America brand name. The subject property is situated on 6.33 acres with a 11,853 square foot store. Amenities at this location include Sbarro’s, 4 Diesel Fueling Lanes, 80 Parking spaces, 3 Private Showers, a Driver’s Lounge and Laundry Facilities. LV Petroleum, the largest franchise operator within the TA system, has over 30 operating truck stops, 23 gas stations (NV/AZ) and a pipeline of 15+ additional truck stops of both ground up builds or through acquisition and rebrand. They operate for 19 restaurant franchisees including Sbarro, Rally’s, KFC, Einstein Bros Bagels, Krispy Krunchy Chicken, Del Taco, Dunkin, Charley’s and Black Bear Diner. In addition to retail operations, LV Petroleum operates a wholesale fuel distribution company that supplies over 100 gas stations for brands such as 76, Philips and Conoco branded gasoline as well as unbranded fuels supplying over one million gallons a month. TravelCenters of America is the largest publicly traded full-service truck stop and travel center company in the United States with 304 locations in 44 states. The company operates full-service centers, convenience stores, and restaurants under the TravelCenters of America, TA, Petro Stopping Centers, TA Express, GOASIS brands. In May 2023, BP Products North America Inc., a wholly owned indirect subsidiary of BP plc acquired the company.

FOR SALE DETAILS

PRICE

$21,000,000 USD

PRICE/SF

$1,750 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

LV Petroleum dba TA Travel Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Convenience Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2016

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

6.33 AC

LAND SF

275,735 SF

ZONING

-

APN/PARCEL ID

0000-09-04N-14E-0-108-01

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