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Texas Property Acquired for Motor Fuel Fund III Offering

July 13, 2024 | Posted by Erik Conrad

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InCommercial Acquires Texas Property for Motor Fuel Fund III Offering

InCommercial Capital Corporation announced the acquisition of a retail motor fuel outlet, a Chevron service station with a Quick Stop convenience store.

InCommercial facilitated the acquisition of the property on behalf of InCommercial Motor Fuel Fund III, LP. The fund launched a 506(c) private placement offering last month, seeking to raise $50 million from accredited investors interested in the potential for tax advantages through the use of leveraged bonus depreciation.

The Chevron service station and Quick Stop convenience store are located in Houston, Texas, at Mohawk Street and Homestead Road intersection. The acquired property was built in 2019 and includes a 9,820-square-foot building on 1.47 acres. The new lease is a 20-year absolute triple net lease agreement with Panthers Petroleum, the tenant and corporate guarantor. The Texas-focused company has over a 25-year history in the gas station, retail, and wholesale service industry.

“We’re particularly excited about acquiring this recently developed build-to-suit property with a long-term lease commitment. Acquiring an asset that is a few years old versus several decades old makes a big difference in terms of future maintenance and repair costs,” said Andrew Haleen, acquisitions director for InCommercial.

“The facility’s fuel infrastructure and fresh design are inviting and provide an elevated feel for its customer base. The site is a prime example of our commitment to our investors and the fueling experience,” added Haleen.

InCommercial is a full-service, end-to-end investment real estate portfolio manager with deep subject matter expertise. Through a 20-year history, its experienced team is dedicated to creating demonstrable value by leveraging their long-standing industry relationships to attempt to create value at each step of the investment cycle starting at acquisition and continuing through streamlined operations, accretive financing, and efficient exits.


Read the full article on DI Wire here:

https://thediwire.com/incommercial-acquires-texas-property-for-motor-fuel-fund-iii-offering/