Circle K Tenant Overview

Net Lease Advisor Tenant Circle K


  • Investment grade corporate guaranty
  • Strong intrinsic real estate, usually located at a highly trafficked intersection
  • Fully passive NNN lease with periodic rental increases
  • Advantageous accelerated depreciation on improvements due to nature of tenant's business


  • Environmental concerns over petroleum products, although tenant fully indemnifies landlord
  • Smaller sites pose hurdles for potential redevelopment

Tenant Description

Circle K has been a successful convenience store operator for over 60 years.

Circle K is a highly sought after net lease C-store tenant. Investors are attracted to their fully passive NNN leases which are backed by an investment grade corporate guarantee from the parent company Alimentation Couche-Tard Inc. Circle K stores also feature strong intrinsic real estate as they are almost always located at highly trafficked intersections. Furthermore, because many Circle K stores feature gasoline, investors can take advantage of accelerated depreciation on building improvements. Circle K has over 14,000 stores worldwide

The parent company of Circle K - Alimentation Couche-Tard Inc. - is the largest independent convenience store operator (regardless of petroleum integration) in terms of number of company-operated stores in North America. It has four main store brands: Couche-Tard, Kangaroo Express, Mac's and Circle K. Recently, Couche-Tard acquired Topaz, Ireland’s largest convenience and fuel retailer. Couche-Tard is making a continuous effort to rebrand all of their existing locations under the Circle K banner, except for the Couche-Tard retail brand locations in the province of Quebec due to specifics of that market.

Average Cap Rate
Trailing 12-month average
Average Property & Lease
Average Sale Price $2,552,464
NOI $139,497
$/Square Foot $567 - $1,276
Building SF 2,000 - 4,500
Lot Size 0.5 - 1.0 Acres
Lease Term 10 - 15 Years
Escalations 5 - 10% Every 5 Years
Stock Symbol N/A
Credit Rating
Moody's Baa1
Average Cap Rate Trend
Rates reflect year-over-year comparison
Recent Sales Comps
Visalia, CA 5.01%
Amelia, OH 5.75%
Locust Grove, GA 6.00%
Phoenix, AZ 6.63%