Net Lease Profile: Sheetz
Net lease assets occupied by Sheetz are very sought after C-store investments. Investors are attracted to these since most of the locations are ground leases and because of the stickiness of this tenant. With Sheetz investing a substantial amount upfront to build their store and install equipment, they are very likely to stay in a given location even in option periods. What makes Sheetz unique from other C-stores is their made-to-order food, which provides for significant revenue generation compared to conventional C-stores. In addition to being attractive for these reasons, investors also feel that Sheetz is a well protected concept in economic downturns.
Sheetz is a family owned convenience store chain based in Altoona, Pennsylvania in operation for over 60 years. Sheetz now has more than 400 locations across six states -- Pennsylvania, Maryland, Virginia, West Virginia, Ohio and North Carolina -- and more than 13,600 employees. All Sheetz stores are company-owned-and-operated. The company has no plans to sell franchises.
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