CrossAmerica Partners (NYSE: CAPL) 1698 Main St 6,681 SF Retail Building Chipley, FL 32428 $5,036,944 CAD ($753.92 CAD/SF) 6% Cap Rate

The Boulder Group is pleased to exclusively market for sale a single tenant net leased CrossAmerica Partners property positioned within the Panama City MSA in Chipley, Florida. In 2024, CrossAmerica signed a 20-year lease through June 2044, demonstrating commitment to the site. The lease is absolute triple net and presents no landlord responsibilities. There are 7.5% rental escalations throughout the primary term and four 5-year renewal options. The lease is also corporately guaranteed by Lehigh Gas. As a fuel station asset, the property is eligible for 100% bonus depreciation. The property is located on a large 2.22-acre lot and contains 9 Tesla Supercharging stations.
The 6,998 square-foot building is located along Main Street (15,800 vehicles per day) and bene?ts from the proximity to Interstate 10, which experiences over 21,500 vehicles per day. Interstate 10 connects Chipley to Tallahassee, FL and Mobile, AL. The property is located across from Walmart Supercenter, a major traffic driver for the area. Other retailers nearby include Tractor Supply Company, AutoZone, Verizon, Wendy’s, Dunkin’s, Arby’s, and several others. There are more than 20,000 people living within a ten-mile radius. Those of which earn an average household income of $69,707. The property is also minutes from Chipley High School (600 students) and Northwest Florida Community Hospital (59 beds).
CrossAmerica Partners LP, headquartered in Allentown, Pennsylvania, is a leading wholesale distributor of motor fuels, a convenience store operator, and an owner and lessor of real estate used in the retail distribution of motor fuels in the United States. Formed in 2012 as Lehigh Gas Partners, the company rebranded to CrossAmerica Partners and launched its initial public offering on the New York Stock Exchange (NYSE: CAPL) in October 2012. Operating in 34 states, CrossAmerica distributes branded and unbranded petroleum to approximately 1,800 locations and owns or leases over 1,100 sites. The company has established long-term partnerships with major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, CITGO, Marathon, and Phillips 66.