CBRE has arranged the acquisition of a single-tenant Sheetz convenience store located at 495 Crescent Circle in Gahanna, Ohio. The buyer, 495 Crescent Circle Gahanna Ohio LLC, purchased the property for $3.4 million in an all-cash transaction executed as part of a 1031 exchange. The deal centers on a ground-leased retail asset occupied by Sheetz, a family-owned convenience store operator.
The transaction was structured around a 15-year triple-net ground lease with Sheetz as the tenant. Under this lease format, the tenant is responsible for most property-level expenses, supporting predictable cash flow for the property owner. The long lease term, together with the single-tenant net-lease structure, is intended to provide income stability for the investor over an extended hold period.
CBRE’s Karly Iacono represented the buyer in the negotiations, providing advisory and brokerage services through closing. On the sell side, Stephanie Beaumier of Casto acted on behalf of CP Crescent, LLC, the seller of the asset. The representation on both sides underscores the role of national and regional brokerage platforms in matching 1031-motivated buyers with stabilized net-lease properties.
The property includes 12 fuel pumps, reflecting its use as a full-service convenience store and fueling location. It is positioned within the Crescent at Central Park project, a larger development near S. Hamilton Road in Gahanna. This placement ties the asset into a broader mixed commercial environment, with the convenience store functioning as a pad-site style retail component within the overall project.
According to CBRE, the Sheetz site was identified as an appropriate fit for the buyer’s objectives as a passive, long-term net-lease investor using 1031 exchange proceeds. The buyer completed the acquisition entirely in cash, eliminating financing-related execution risk and allowing the transaction to proceed on a straightforward timeline. The combination of a recognizable convenience store brand, a long-duration triple-net ground lease, and a fuel component framed the investment profile for the purchaser.
The closing of this Sheetz ground-lease deal in Gahanna illustrates ongoing investor interest in single-tenant retail assets secured by corporate-backed leases, particularly among 1031 exchange buyers seeking to redeploy capital into stabilized, income-focused properties.
