November 30, 2017 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Fas Fuel in Cedar Rapids, Iowa. Horvath & Tremblay exclusively represented the seller in the transaction. The final sale price of the property was $1,620,000.
Fas Fuel & Mart has over 10 years remaining on the triple net lease plus two, 5-year renewal options. Fas Fuel is owned by GPM Investments. GPM is the largest privately owned company in the fuel and convenience store industry, operating more than 1,100 stores in 18 states including 200 Fas Fuel & Mart locations. The tenant has a 7% rent bump in November 2022 as well as 8.5% bumps in the first year or each renewal term providing the investor with fixed, predictable, increases in income.
This strategically located property sits on a highly trafficked and easily accessible corner site just .2 miles from the Wilson Ave interchange with I-380, the main north-south artery through Cedar Rapids. Approximately 13,255 vehicles pass the site daily. Approximately 53,480 people live within a 3-mile radius of the property.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.