Secure Net Lease Closes Record $237 Million Multi-State C-Store Portfolio

Secure Net Lease, a nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, played a key role in finalizing one of Texas’ largest convenience-store sale leaseback transactions on record. The Dallas-based firm completed a $237-million sale leaseback involving 76 Allsup’s convenience-store locations in multiple states. The Allsup’s Portfolio sale leaseback was an integral component of a larger nearly $1-billion business acquisition.

Secure Net Lease’s Bob Moorhead and Joe Caputo were responsible for brokering the sale leaseback deal on behalf of the seller, Brookwood Financial Partners, a Beverly, MA-based private equity firm that owns the Yesway brand. The portfolio sale was split buyer between two large REIT’s that are heavily invested in convenience and gas station properties.

Secure Net Lease, a nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, played a key role in finalizing one of Texas’ largest convenience-store sale leaseback transactions on record. The Dallas-based firm completed a $237-million sale leaseback involving 76 Allsup’s convenience-store locations in multiple states. The Allsup’s Portfolio sale leaseback was an integral component of a larger nearly $1-billion business acquisition.

Secure Net Lease’s Bob Moorhead and Joe Caputo were responsible for brokering the sale leaseback deal on behalf of the seller, Brookwood Financial Partners, a Beverly, MA-based private equity firm that owns the Yesway brand. The portfolio sale was split buyer between two large REIT’s that are heavily invested in convenience and gas station properties.

Secure Net Lease’s Caputo said, “The timely execution of the sale leaseback was a critical element that would ensure the overall business transaction between Allsup’s and Yesway closed smoothly. Had either buyer not closed on time, it could have jeopardized the larger sale transaction involving a 304-store, regional convenience-store chain. The equity from the real estate served as a vital capital source for the acquisition of the retail business.”

Moorhead said, “The seller had already received some buyer interest for the real estate prior to our involvement. Our targeted marketing campaign ultimately generated five offers and drove the cap rate down 50 basis points from the seller’s initial offer.”

The sale leaseback portfolio encompassed convenience-stores across Texas and New Mexico featuring 20-year absolute NNN terms and 2% annual increases. The portfolio was comprised mainly of older stores in rural locations.

Allsup’s is one of the most iconic and respected convenience-store chains in the region known for foodservice including its popular burritos. Yesway is a national convenience-store chain with locations across the Midwest. Brookwood Financial Partners’ BW Gas & Convenience Holdings LLC, doing business as Yesway, is based in West Des Moines, Iowa. The acquisition of Allsup’s is the largest in Yesway’s history.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Our targeted marketing campaign ultimately generated five offers and drove the cap rate down 50 basis points from the seller’s initial offer.