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NNN Circle K for Sale
Circle K is the convenience store and fuel brand of Alimentation Couche-Tard, which Boulder lists at an S&P rating of BBB+, an investment-grade rating. Couche-Tard reports more than 7,100 stores in the United States, most of them under the Circle K name (Couche-Tard).
Boulder lists Circle K leases as triple net or ground lease, and Matthews lists them as absolute NNN, typically for 15 years or longer with scheduled rent increases. Because the reports describe the structure differently, confirm who handles roof and structure on any property, and review environmental reports where fuel pumps are on site.
BBB+
S&P credit rating
7,100+
U.S. stores
15–20 Years
Typical lease term
5–10%
Increase every 5 years
3,000 SF
Typical building size
NNN or Ground
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (BBB+, triple net or ground lease, 15-year term, 10% every 5 years, 3,000 SF); Matthews, 2026 Net Lease Tenant Report (BBB, absolute NNN, 15–20 years, 5–10% every 5 years, ±2,500–5,200 SF); Couche-Tard (U.S. store count). Boulder lists 6,344 locations and Matthews about 7,000.
Key Takeaways
Investment-Grade Parent
Circle K is owned by Alimentation Couche-Tard (TSX: ATD), which Boulder lists at S&P BBB+. Couche-Tard operates close to 17,300 stores in 27 countries and territories and reported fiscal 2026 revenue of more than $76 billion (Retail Insider).
Lease Structure Differs by Report
Boulder lists triple net or ground lease and Matthews lists absolute NNN, with terms of 15 years or longer. Confirm who handles roof and structure on any property.
Cap Rates
Circle K properties currently show asking cap rates of 5.70% – 6.00% with 10 years remaining and 5.35% – 5.65% for a new 15-year lease (The Boulder Group, September 2026). Matthews reports closed sales averaging 5.87% in the first half of 2025 and 6.04% in the second.
A Large Pending Acquisition
On July 31, 2026, Couche-Tard announced a tender offer for Poland’s Żabka valued at about US$8.6 billion, to be funded with committed debt facilities (Couche-Tard). Check how rating agencies are treating the deal as part of your due diligence.
Circle K NNN Cap Rates and Lease Data
If you’re weighing a Circle K property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the tenant side, Circle K is owned by Alimentation Couche-Tard, which Boulder lists at an S&P rating of BBB+, investment grade (Matthews lists BBB).1 Leases typically run 15 years or longer, with a 10% increase every five years in Boulder and 5% to 10% in Matthews. At 10% every five years, rent grows about 2% a year, so most of your return comes from the yield you buy in at, not from rent growth.
That’s where cap rates come in. Boulder shows asking cap rates of 5.35% – 5.65% on a new 15-year lease, 5.70% – 6.00% with 10 years left, and 6.60% – 6.90% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up. You’re being paid more to take on the question of whether Circle K renews when the lease ends.
Closed sales land close to the 10-year asking range. Matthews reports 10 sales in the first half of 2025 at an average cap rate of 5.87% and 17 in the second half at 6.04%, each with about 10 years of lease remaining; the 9 sales so far in 2026 averaged 5.23% with about 11 years remaining. Matthews’ own comparison puts new construction at 5.10%, 10 years remaining at 5.50% and 5 years remaining at 6.00%. The 37 properties on the market averaged a 5.28% asking cap rate with 12 years remaining.3
In dollars, Boulder puts the average sale price at about $3.0 million with average rent of about $155,000 a year. On a typical 3,000 SF store, that works out to roughly $1,000 per square foot in price and $52 in annual rent.4 Matthews shows average annual rent of about $195,323 and on-market listings averaging about $3.1 million, on buildings of roughly 2,500 to 5,200 SF.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 25 (S&P BBB+, triple net or ground lease, 15-year term, 10% every 5 years); Matthews, 2026 Net Lease Tenant Report, p. 17 (S&P BBB, absolute NNN, 15–20 year term, 5–10% every 5 years). The reports’ ratings differ; we use Boulder’s BBB+, which matches the S&P rating cited in Couche-Tard’s January 2024 note offering. The roughly 2% a year figure is our calculation (10% over five years compounds to about 1.9% a year). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 25. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, p. 17. Transaction figures are averages of closed sales (10 in the first half of 2025, 17 in the second half, and 9 year to date in 2026 as of the report); on-market data covers 37 properties listed at the time of the report. Matthews figures are averages of closed sales and listings, while Boulder’s are asking ranges, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 25, and Matthews, 2026 Net Lease Tenant Report, p. 17. Average sale price, average rent and typical building size are as reported; the per-square-foot figures are our calculations ($3.0 million and $155,000 over 3,000 SF). Averages blend different lease terms and locations, so treat them as a guide rather than a quote for any one property. ↩
Circle K as a Tenant
How Circle K operates
Circle K is the global convenience and fuel brand of Alimentation Couche-Tard, a Canadian company based in Laval, Québec. Couche-Tard reports more than 7,100 stores in the United States across 46 states, most under the Circle K name, with some in its Northern Tier business unit still operating under the Holiday banner (Couche-Tard).
Many Circle K stores sell fuel as well as merchandise: about 13,200 of Couche-Tard’s roughly 17,300 stores worldwide offer road transportation fuel (Retail Insider). Boulder lists a typical Circle K building of 3,000 SF and Matthews 2,500 to 5,200 SF. For an investor, that means a lease on a convenience store, often with fuel pumps on site, which is why environmental due diligence matters.
Financial strength and growth
Couche-Tard’s fiscal 2026 ended April 26, 2026. It reported revenue of more than $76 billion, up 5% (Retail Insider), and fourth-quarter net earnings of $863.4 million, compared with $439.4 million a year earlier, which included a $260.9 million pre-tax recovery from the resolution of long-standing legal matters (Couche-Tard, June 22, 2026). Boulder lists its S&P rating as BBB+; review current ratings from the agencies as part of your due diligence.
It is still building stores. In fiscal 2026 Couche-Tard completed 103 new-to-industry openings and 27 relocations or reconstructions, had 34 more stores under construction at year-end, and ended the year with a network of 17,267 sites, including 2,704 licensed Circle K sites (Couche-Tard, June 22, 2026).
Among convenience tenants in Boulder’s report, Circle K’s BBB+ rating is behind 7-Eleven’s A- and ahead of Murphy USA’s BB+; Wawa, QuikTrip and Sheetz are not rated (The Boulder Group, September 2026).
Why Investors Buy Circle K Properties
Circle K pairs an investment-grade parent with a convenience-and-fuel format. With 10 years remaining, Boulder’s September 2026 asking range for Circle K is 5.70% – 6.00%, about 40 basis points above 7-Eleven (A-) at 5.30% – 5.60%, slightly below QuikTrip and Sheetz (both unrated) at 5.80% – 6.10% and Murphy USA (BB+) at 5.90% – 6.20%, and above Wawa (unrated) at 5.25% – 5.55%.
On a new 15-year lease, Circle K’s 5.35% – 5.65% compares with 4.80% – 5.15% for 7-Eleven, 5.25% – 5.55% for QuikTrip, 5.30% – 5.60% for Sheetz and 5.55% – 5.85% for Murphy USA.
Check size is another difference. Boulder’s average sale price for Circle K is about $3.0 million, against $5.77 million for 7-Eleven, $5.2 million for QuikTrip and $5.86 million for Wawa, so it is a smaller purchase than several of its peers. Leases are long with scheduled increases: Boulder lists 15-year terms and 10% increases every five years, and Matthews shows 15 to 20 years with 5% to 10% increases.
Risks and Market Conditions
Fuel is part of many Circle K sites, so environmental due diligence matters. Review Phase I environmental reports and ask about underground tanks and past releases before you buy. Also confirm who handles roof and structure, because the reports describe the lease differently (triple net or ground lease in Boulder, absolute NNN in Matthews), and remember that remaining term moves price: Boulder’s asking range is 6.60% – 6.90% with 5 years left against 5.35% – 5.65% on a new 15-year lease.
Couche-Tard’s pending acquisition of Poland’s Żabka is the other item to track. Announced on July 31, 2026 at an equity value of about US$8.6 billion, it is to be funded with committed debt facilities (Couche-Tard) and was expected to close no later than December 2026, subject to regulatory approvals (Canadian Press). A September 2026 note from MUFG Research says S&P expects the deal to lift Couche-Tard’s adjusted leverage to about 3.2x, above the 3x level that would trigger a downgrade from BBB+, before falling back within two years (MUFG Research). Check current S&P and Moody’s commentary and the deal’s status as part of your due diligence.
Build a Diversified NNN Portfolio
Pairing a Circle K with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Circle K NNN FAQs
What cap rates do Circle K NNN properties offer?
Asking cap rates currently run 6.60% – 6.90% with 5 years remaining, 5.70% – 6.00% with 10 years remaining and 5.35% – 5.65% for a new 15-year lease (The Boulder Group, September 2026). Matthews reports closed sales averaging 5.87% in the first half of 2025 and 6.04% in the second. Actual cap rates vary by location, remaining lease term, guarantor and rent history. Talk to our team about current opportunities.
How long are Circle K leases?
Boulder lists a typical 15-year term with 10% rent increases every five years. Matthews lists 15 to 20 years with 5% to 10% increases every five years.
What does a typical Circle K site look like?
Boulder lists a typical building of 3,000 SF and Matthews 2,500 to 5,200 SF. Many Circle K stores sell fuel: about 13,200 of Couche-Tard’s roughly 17,300 stores worldwide offer road transportation fuel (Retail Insider).
What should I check before buying a Circle K?
Review the remaining lease term, rent increases and the lease guarantor’s financials. Boulder lists Couche-Tard’s S&P rating as BBB+ and Matthews lists BBB, so confirm the current rating. Environmental reports are especially important when fuel pumps are on site, and confirm who handles roof and structure.
Questions about NNN Circle K Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.