PropCo/OpCo Separation — Sale-Leaseback

Executing a $44M PropCo/OpCo Separation in Davie, FL

14810 Griffin Rd, Davie, FL · Shell-branded fuel station · 20-Year NNN Lease

Shell Gas Station - Davie, Florida
Real Estate Sale
$10.7M
Business Sale
$2.3M
Total Value
~$44M
The Deal

What STAX did

STAX separated the business and real estate into distinct, separately-valued assets through a triple-transaction approach — closing three components simultaneously. The real estate sale, business operations sale (goodwill/key money), and a 20-year triple net lease unlocked superior returns for the seller while securing a committed, vested operator for the new landlord. The property sits in a fast-growing submarket west of Fort Lauderdale, anchored by Porsche and Lamborghini dealerships.

The Structure

How a PropCo/OpCo separation works

One asset becomes two. The real estate goes to an investor who prices it on the lease, the business goes to an operator who prices it on its earnings, and the lease between them is what makes each half worth buying.

A PropCo/OpCo separation splits one station into two assets One gas station is separated into a property company holding the real estate and an operating company running the business. The property company is leased to the operator and sold to a passive investor priced on a cap rate. The operating company is sold to an operator priced on an EBITDA multiple. Each half trades to the buyer who values it most, and for the right site the two together can exceed what the whole would fetch as a single going concern. ONE STATION Business + real estate PROPCO The real estate Leased to the operator Priced on a cap rate 5.5% – 7.5% OPCO The business Fuel, c-store, staff Priced on a multiple 4x – 6x EBITDA Passive investor 1031, NNN, institutional Operator Wants the P&L, not the dirt Two buyers competing beats one buyer choosing
For the right site, the halves sold separately exceed what the whole fetches as a single going concern. It is not right for every station — but it should be a decision rather than an assumption.
More on PropCo/OpCo structures →
Location

Griffin Road, west of Fort Lauderdale

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The Trade Area

Who lives around it

1-mile radius
4,700
residents
Households
1,500
Median household income
$142,000
Households earning $100K+
70%
Households with 2+ vehicles
85%
Owner-occupied homes
97%
3-mile radius
52,800
residents
Households
16,900
Median household income
$132,000
Households earning $100K+
66%
Households with 2+ vehicles
79%
Owner-occupied homes
86%
5-mile radius
234,400
residents
Households
82,700
Median household income
$108,000
Households earning $100K+
53%
Households with 2+ vehicles
67%
Owner-occupied homes
81%
Radii are measured from 14810 Griffin Rd. Source: U.S. Census Bureau, American Community Survey 2019–2023 five-year estimates. Median household income is estimated from pooled income brackets. All figures are rounded. Radius figures are apportioned from census tracts by 2020 Census block population.

Related

Gas Station Portfolios for Sale
Where a PropCo/OpCo separation fits, and when it pays.
Broward County Gas Stations
How Davie and the rest of the county price fuel retail.
How to Value a Gas Station
Cap rates for the real estate, multiples for the business.

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