Convenience & Gas Station NNN

7-Eleven's AA- credit rating makes it one of the highest-rated NNN tenants in any category, while operators like Wawa, QuikTrip, and Sheetz have built cult followings with high-margin food service that drives exceptional store-level economics. Modern convenience stores are evolving beyond fuel into food destinations — fresh-prepared meals, coffee programs, and grocery staples generate higher margins than fuel and create stickier customer habits. New-build ground leases from top-tier convenience operators trade tight, reflecting the market's confidence in the sector's long-term durability.

1. 17-Eleven is private. Hanley's Q3 2026 table lists S&P A minus, stable, as of July 1, 2026. Its ground leases are among the tightest convenience trades and provide institutional-quality income.
2. 2Wawa and QuikTrip are the reference tenants for food-forward convenience. Their stores sell far more than a typical fuel site.
3. 3Environmental due diligence is critical for gas station properties — always require Phase I and Phase II environmental assessments before acquisition.
4. 4New-build convenience stores on outparcels of major retail corridors command the tightest cap rates and strongest resale demand.
5. 5The food-service revolution in convenience stores is driving rent growth above the NNN retail average — operators can pay more rent because margins are higher on food than fuel.
6. 6Look for convenience operators adding EV charging infrastructure — these forward-thinking tenants are positioning for the long term and signaling strong corporate commitment to the location.