Roadside real assets · United States
We buy the real estate under America's gas stations, truck stops and car washes, through sale-leasebacks with the operators who run them and from owners of existing net-leased sites, and own and manage each property on behalf of a small group of private partners. We have owned and run these businesses ourselves, not just financed them.
Our CEO's prior businesses
Strategy
America's roadside is one of the most fragmented real estate sectors in the country, with tens of thousands of sites held by owner-operators, many facing succession, reinvestment or liquidity decisions. We consolidate those sites into professionally managed, real estate-backed portfolios.
Fuel, food, convenience and vehicle care serve daily demand from commuters, travelers and freight.
Direct, relationship-led sourcing of portfolios and sale-leasebacks from regional operators.
We underwrite every site the way an operator does: gallons, in-store revenue, tenant strength and the real estate underneath.
Depreciation-led real estate
Most commercial buildings are depreciated over 39 years. Roadside assets are different: much of their value sits in fuel systems, canopies, wash equipment and site works that are depreciated far faster, and qualifying gas stations can be depreciated over 15 years.
With 100% bonus depreciation available under current federal law for qualifying property acquired and placed in service after January 19, 2025, these assets suit investors who can use depreciation. The benefit depends on each investor's tax position.
Fuel-led sites that qualify as retail motor fuel outlets are 15-year property, including the building itself.
Diesel-anchored sites typically meet the fuel outlet test on revenue, with heavy site works, canopies and fuel systems on large parcels.
Equipment-intensive facilities where much of the improved value sits in shorter-life equipment and site works.
Independent cost segregation before closing, site-by-site testing and vehicles structured with tax counsel.
How we approach it →Tax treatment depends on each investor's circumstances and on current law, which can change. Nothing on this site is tax advice.
We buy from owner-operators, large multi-site groups and owners of net-leased sites, whether you are considering a portfolio sale, a sale-leaseback to unlock capital, or a succession plan. Conversations are confidential.