Atlanta, GA – The Net Lease Group has closed the sale of a newly-constructed, single-tenant convenience store and fueling station fully leased to Refuel Operating Company, LLC, one of the fastest-growing convenience store operators in the Southeast. The property is located in Pawleys Island, South Carolina, a high-barrier, coastal market positioned between Charleston and Myrtle Beach. Esmael Hill, Dane Bailey, and Will Winn of The Net Lease Group represented the seller in the transaction.
The asset features a 4,829-square-foot, state-of-the-art convenience store situated on a 2.55-acre parcel along Ocean Highway (U.S. Route 17), a primary coastal corridor with average daily traffic counts of approximately 32,850 vehicles. The site includes a modern fueling station with an overhead canopy, multiple access points, and ample on-site parking, offering strong visibility and accessibility for both residents and year-round visitors.
The property is 100% leased on an absolute triple-net basis to Refuel Operating Company, LLC, with the lease guaranteed by parent company FR Refuel LLC. The lease features a 20-year primary term with multiple renewal options and 10% rent escalations every five years, providing long-term, predictable cash flow. Refuel is backed by First Reserve, a leading global private equity firm in the energy sector, and currently operates more than 230 locations across the Southeast and Texas.
Pawleys Island is part of the greater Myrtle Beach MSA and is known for its limited development, strong tourism base, and high quality of life. Its proximity to two of South Carolina’s most prominent coastal destinations, Charleston and Myrtle Beach, combined with sustained population growth and economic stability, continue to drive demand for well-located net-lease assets.
This transaction underscores continued investor appetite for institutional-quality, single-tenant net lease properties in high-growth, supply-constrained coastal markets throughout the Southeast.
About NLG
The Net Lease Group (“NLG”) is a boutique investment advisory and brokerage firm specializing in the corporate, institutional, and private execution of single-tenant and multi-tenant net lease transactions across the United States. Through its full-service platform, NLG provides Investment Sales, Sale-Leaseback Advisory, Build-to-Suit Development Solutions, and Debt & Equity Placement services. NLG’s principals and team have successfully completed and advised on transactions exceeding $15 billion, representing more than 100 years of combined commercial real estate experience.