Sheetz is a chain of convenience stores, many of which also sell gas.
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.
Bob Sheetz founded Sheetz, Inc. in 1952 when he purchased one of his father's five dairy stores located in Altoona, Pennsylvania. Sheetz is a family owned convenience store chain, a private company that is in business for more than 60 years.
Sheetz surpasses many convenience stores with its levels of efficiencies in foodservice, distribution and technology. Sheetz Inc., based in Altoona, Pa., has revenues of about $7.2 billion from its more than 500 locations throughout Pennsylvania, North Carolina, Maryland, Virginia, Ohio and West Virginia. In 2014 and 2016, the company appeared on Fortune magazine's annual "100 Best Companies to Work For" list.