SRS Real Estate Partners Closes $4.26 Million Circle K Ground Lease Sale in Seminole, Florida

SRS Real Estate Partners has completed the $4.26 million ground lease sale of a single-tenant Circle K property in Seminole, Florida, the firm announced June 23. The transaction involved an Ohio-based national investor and developer as seller and a South Florida-based private investor as buyer, with the buyer completing a 1031 exchange.

Deal Details and Lease Structure

The property, located at 8995 Park Boulevard in Seminole, is a newly constructed 5,200-square-foot convenience store and gas station situated on 1.46 acres. Construction was completed in April 2026. At a sale price of $4.26 million, the transaction implies a price of approximately $819 per square foot of building area.

The asset is secured by a new 15-year, corporate-guaranteed absolute triple-net lease with Circle K, which includes multiple extension options and 10% rental increases every five years throughout the initial lease term.

SRS Capital Markets Executive Vice President and Principal William Wamble and Senior Managing Principal Patrick Nutt represented the seller in the transaction.

"Investors continue to seek high-quality convenience store assets backed by strong operators and long-term lease structures," Wamble said in a statement. "This property checked all the boxes, featuring a brand-new corporate-guaranteed lease, attractive rental escalations, and an irreplaceable location in one of Florida's most densely populated counties."

Wamble also noted that SRS has sold approximately 45% of all new construction corporate Circle K properties nationally since the beginning of 2024.

Location and Market Characteristics

Seminole is located approximately 13 miles northwest of downtown St. Petersburg. The subject property sits near the signalized intersection of Starkey Road and Park Boulevard, a corridor that records traffic counts exceeding 83,000 vehicles per day. The surrounding trade area includes national retailers such as Lowe's, Sam's Club, and Walmart, and the broader region has seen continued residential and commercial growth.

Circle K operates more than 6,800 locations across the United States, making it one of the country's largest convenience store and fuel retail chains.

1031 Exchange

The buyer, a South Florida-based private investor, acquired the property as part of a 1031 exchange — a tax-deferral mechanism that allows investors to reinvest proceeds from a prior asset sale into a like-kind property. The time-sensitive nature of 1031 exchanges has contributed to demand for single-tenant net-lease retail assets with long lease terms and corporate credit backing.

SRS Capital Markets Activity

SRS Real Estate Partners reported that its capital markets division has completed more than $1.6 billion in deal volume across more than 400 transactions nationally so far in 2026. The firm currently has more than 900 properties actively on the market with a combined market value exceeding $4.3 billion.

Founded in 1986 and headquartered in Dallas, SRS Real Estate Partners operates 29 offices nationwide and provides commercial real estate services across retail, industrial, and capital markets.