Investment-grade corporate convenience and fuel leases, plus the bonus depreciation advantage of owning a gas station, from a NNN buyer’s broker who has closed Circle K deals.
A Circle K NNN property is a convenience store with fuel, typically about 4,500 to 5,000 square feet with a large fuel canopy on a corner lot, leased to Circle K on a long-term corporate lease. New build-to-suits typically run 15 years with 10% rent increases every five years on an absolute NNN basis, and many fuel sites are ground leases. Circle K is owned by Alimentation Couche-Tard (TSX: ATD), one of the largest convenience retailers in the world, with more than 17,000 sites worldwide and about 9,300 in the U.S. and Canada, and investment-grade credit (S&P BBB+ / Moody’s Baa1). With price points of about $2 million to $5 million, Circle K is a popular alternative to 7-Eleven and Wawa for 1031 exchange buyers.
Solid Investments FL has represented buyers on Circle K properties, including a seasoned corporate Circle K in Pensacola, Florida that closed in October 2025. See it in our track record. Our buyer representation is always free to you.
| Tenant | Usually a Circle K U.S. operating subsidiary; confirm the tenant and any parent guarantee on each lease |
|---|---|
| Parent company | Alimentation Couche-Tard Inc. (TSX: ATD), Laval, Quebec |
| Credit rating | Couche-Tard: S&P BBB+ / Moody’s Baa1 (investment grade) |
| Stores | 17,000+ sites worldwide; about 9,300 in the U.S. and Canada |
| Typical lease term | 15 years on new construction, with multiple 5-year options |
| Lease type | Absolute NNN; both fee-simple and ground leases trade |
| Rent increases | Typically 10% every 5 years on new leases; seasoned leases may have increases only in the options |
| Typical cap rate (2026) | About 5.0%–6.0% |
| Typical price range | About $2M–$5M |
| Typical site | About 4,500–5,000 SF store with fuel canopy on roughly 1–2 acres |
Credit ratings and store counts as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Couche-Tard’s BBB+ / Baa1 ratings belong to the parent. Many leases are signed by a U.S. subsidiary, so confirm exactly who signs and who guarantees the lease; that’s whose credit you’re buying.
Every fuel site has underground storage tanks. Get a Phase I environmental report, review tank age and compliance records, and confirm the lease puts environmental responsibility on the tenant.
Many Circle K deals are ground leases: you own the land only, with no landlord duties but no depreciation. Fee-simple deals include the building and can unlock major bonus depreciation (see below).
New leases typically include 10% increases every five years. Seasoned stores may be flat until the options, so price them accordingly.
Circle K sites sit on signalized corners with heavy traffic and multiple access points. Strong real estate supports the store today and gives you options down the road.
Fuel gallons and inside sales drive store performance. Ask about volumes where available, and favor high-traffic locations in growing markets.
The One Big Beautiful Bill Act made 100% bonus depreciation permanent for qualifying property acquired after January 19, 2025. That is especially powerful for a fee-simple Circle K: a gas station can qualify as a retail motor fuels outlet, which is depreciated over 15 years instead of the usual 39, making the entire building eligible for bonus depreciation in the year you buy it.
The building generally needs to meet any one of three tests: 50%+ of gross revenue from fuel sales, 50%+ of floor space devoted to petroleum sales, or a building of 1,400 sq ft or less.
Bonus depreciation requires owning the building. With a ground lease you own only the land, which is never depreciable. It’s one of the biggest differences between the two structures.
If a store doesn’t meet the tests, a cost segregation study can often reclassify roughly 25%–40% of the depreciable basis (site work, paving, canopy, equipment) into 5- and 15-year property that is bonus-eligible.
1031 exchange buyers: how much of your basis is eligible depends on how your exchange is structured. Depreciation recapture applies when you sell, passive-activity rules can limit who benefits, and state conformity varies. This is general information, not tax advice — confirm with your CPA and a cost segregation specialist before you buy.
We’ve represented buyers on Circle K properties, including this corporate store in Pensacola, Florida:
Convenience / Gas
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 21+ years in net lease and 225+ transactions, including Circle K properties. We help investors and 1031 exchange buyers find, underwrite and close Circle K properties nationwide, and our buyer representation is free.
As of 2026, new Circle K NNN properties generally trade between about 5.0% and 6.0% cap rates, depending on lease term, rent increases, location and whether the deal is a ground lease or fee simple.
Circle K's parent company, Alimentation Couche-Tard, is rated BBB+ by S&P and Baa1 by Moody's, both investment grade. Many leases are signed by a U.S. subsidiary, so confirm the tenant and any parent guarantee on each lease.
If you buy it fee simple and the store qualifies as a retail motor fuels outlet, the building may be eligible for 100% bonus depreciation in the first year under current law. Ground leases are not depreciable. Confirm with your CPA and a cost segregation specialist.
Circle K sites have underground fuel storage tanks. Buyers should get a Phase I environmental report, review tank and compliance records, and confirm the lease makes the tenant responsible for environmental issues.
All three are strong convenience and fuel tenants. 7-Eleven carries an A- rating, Circle K's parent is BBB+, and Wawa is privately held with very high store volumes. Pricing, lease structure and location usually matter more than the brand alone.
Most new Circle K NNN properties sell for about $2 million to $5 million, depending on rent, location and lease terms.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
Tell us your budget and timeline. We’ll show you on- and off-market Circle K options, and our buyer representation is completely free.
📞 954-296-6955 | 11015 Gatewood Dr Suite 102, Lakewood Ranch, FL 34211