Huntington Bank NNN Property Lease: Pros, Cons, and History

Pilot Flying J

Interested in selling your Pilot Flying J NNN property or Pilot Flying J ground lease property and wondering what you can get for it in today’s changing market?

Contact us for a complimentary broker opinion of value for your off-market Pilot Flying J NNN property for sale or Pilot Flying J ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the clarity needed to make informed decisions regarding the sale of your Pilot Flying J NNN property or the inclusion of a Pilot Flying J ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Pilot Flying J properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.

Number of locations

As of 2025, Pilot Flying J operates approximately 800+ travel centers across the United States and Canada, making it the largest operator of travel centers in North America.

The network includes locations branded as:

Pilot
Flying J
One9 Fuel Network (smaller, fuel-focused sites)

Pilot Flying J primarily serves long-haul truck drivers, commercial fleets, and highway travelers.

Revenue and income

Pilot Flying J is a privately held company, so exact financials are not fully disclosed. However:

Industry estimates place annual revenue well above $40 billion, driven primarily by fuel sales.
The company consistently ranks among the largest privately held companies in the U.S.
Major revenue streams include:
- Diesel and gasoline sales
- Trucking fleet fuel contracts
- Convenience retail
- Food & beverage (quick-service restaurants and proprietary brands)
- Truck services and maintenance
- Parking, showers, and driver amenities

Fuel sales represent the largest share of total revenue, supported by high transaction volume and national fleet relationships.

Future plans

Pilot Flying J continues to invest heavily in modernization, technology, and network optimization, with a focus on professional drivers and long-term transportation trends.

1. Travel center modernization and remodels

Pilot Flying J is actively upgrading existing locations through its “New Horizons” and modernization initiatives, including:

Expanded truck parking
Upgraded restrooms and showers
Improved food offerings
Modernized interiors and lighting
Enhanced driver lounges

These upgrades aim to improve driver satisfaction, safety, and efficiency.

2. Selective new location development

Rather than aggressive expansion, Pilot Flying J focuses on strategic growth, targeting:

Major interstate corridors
Freight-heavy logistics routes
High-traffic suburban and exurban areas

New developments prioritize large-format travel centers with ample truck parking and high fuel throughput.

3. Growth of One9 Fuel Network

Pilot Flying J continues to expand One9 Fuel Network, which focuses on:

Smaller-footprint fueling locations
Professional driver essentials
Strategic infill sites where large travel centers are not feasible

This allows Pilot Flying J to capture demand across multiple site formats.

4. Technology and digital innovation

Significant investments include:

Pilot Flying J mobile app
Digital fuel payments
Loyalty programs (myRewards Plus)
Real-time fuel pricing
Parking availability tools
Fleet and driver analytics

Technology is a key differentiator, especially for commercial fleets and owner-operators.

5. Alternative fuels and sustainability initiatives

Pilot Flying J is positioning for the future of transportation through:

Renewable diesel
Biodiesel blends
Electric vehicle (EV) charging (select locations)
Hydrogen and alternative fuel pilots
Partnerships supporting lower-emission trucking solutions

These initiatives support evolving fleet sustainability requirements.

Corporate vs. franchise

Pilot Flying J is not a franchise.

All locations are corporately owned and operated.
The company maintains full control over:
- Site operations
- Fuel pricing strategies
- Brand standards
- Vendor relationships
- Technology platforms

This centralized model ensures consistent service, pricing structures, and operational efficiency nationwide.

Additional information about Pilot Flying J properties

Founded: 1958 (Pilot); Flying J merged in 2010
Founders: James A. Haslam II (Pilot)
Headquarters: Knoxville, Tennessee, USA
Ownership:
- Majority owned by Berkshire Hathaway
- Minority stake held by the Haslam family

Typical Pilot Flying J locations include:

Diesel & gasoline fueling
Large-scale truck parking
Truck maintenance & tire services
Showers and laundry facilities
Driver lounges
National QSR brands (Subway, Wendy’s, Denny’s, Arby’s, etc.)
Private-label food concepts
Convenience retail

Pilot Flying J serves millions of professional drivers annually and plays a critical role in North American freight and logistics infrastructure.

Pilot Flying J History

Pilot Flying J traces its roots to 1958, when James A. Haslam II founded Pilot Oil Corporation in Gate City, Virginia. The company initially focused on supplying fuel to regional trucking operations, recognizing early the importance of serving long-haul drivers along major highways.

During the 1970s and 1980s, Pilot expanded its footprint by developing full-service truck stops and travel centers, offering not only fuel but also food service, rest areas, and driver amenities. This model helped differentiate Pilot from traditional fuel-only stops and positioned the brand as a key partner to the trucking industry.

Flying J, founded separately in 1968 in Ogden, Utah, grew rapidly with a strong presence in the western United States. The two companies merged in 2010, forming Pilot Flying J, which combined Pilot’s scale with Flying J’s established travel-center network.

Following the merger, Pilot Flying J accelerated national expansion, invested heavily in large-format travel centers, and strengthened relationships with major trucking fleets. In 2017, Berkshire Hathaway acquired a majority ownership stake, providing long-term capital support and reinforcing the company’s position as a dominant player in North American travel centers.

Today, Pilot Flying J operates more than 800 locations across the United States and Canada, serving millions of professional drivers and travelers each year. Headquartered in Knoxville, Tennessee, the company continues to invest in modernized facilities, digital technology, fleet services, and alternative fuels, maintaining its leadership role in the travel center and logistics-support industry.

Why Invest in Ground Lease and NNN Lease of Pilot Flying J?

Investing in Pilot Flying J ground lease or triple net (NNN) lease properties offers compelling advantages due to the company’s dominant market position, fuel-driven revenue model, and critical role in U.S. transportation infrastructure.

1) Pilot Flying J NNN Property Investment: Stable, High-Volume Income

Pilot Flying J is the largest travel center operator in North America, serving millions of professional drivers and highway travelers annually. Locations benefit from high daily traffic counts, fuel sales, and fleet contracts, creating reliable, recession-resistant operating performance that supports consistent rent payments under NNN and ground lease structures.

2) Pilot Flying J NNN Property Investment: Investment-Grade Tenant Profile

Founded in 1958 and now majority owned by Berkshire Hathaway, Pilot Flying J has exceptional financial backing and a long operating history. With 800+ locations nationwide, the brand offers strong tenant credit, reduced default risk, and long-term occupancy stability for landlords.

3) Pilot Flying J NNN Property Investment: Minimal Management Responsibility

Pilot Flying J ground leases and NNN leases are typically structured so the tenant is responsible for all operating expenses, including:

Building and site maintenance
Fuel system upkeep
Environmental compliance
Insurance and property taxes

This structure provides investors with a truly passive ownership experience, ideal for 1031 exchange buyers and institutional investors.

4) Pilot Flying J NNN Property Investment: Long-Term, Bond-Like Lease Terms

Pilot Flying J commonly signs long-duration leases—often 20 to 30 years—with built-in rent escalations. Ground leases, in particular, provide:

Predictable, inflation-hedged income
Strong lease security
Limited landlord exposure to operational risk

These features closely resemble bond-like income streams with upside protection.

5) Pilot Flying J NNN Property Investment: Strategic Real Estate and Residual Value

Pilot Flying J properties are strategically located along major interstate highways, freight corridors, and logistics routes. Key real estate advantages include:

Large land parcels
Interstate visibility
High barrier-to-entry locations
Long-term redevelopment potential

These attributes help preserve long-term land value, even beyond the initial lease term.

Pros and Cons of Pilot Flying J Ground Lease and NNN Lease Investment

Pros:

Stable income supported by the largest travel center operator in North America, benefiting from essential fuel demand and high daily traffic volumes from professional drivers and highway travelers.
Long-standing, investment-grade tenant profile, founded in 1958 and now majority owned by Berkshire Hathaway, which significantly reduces vacancy and default risk.
Minimal landlord responsibilities under typical Pilot Flying J ground lease and NNN structures, with the tenant responsible for maintenance, fuel systems, environmental compliance, insurance, and property taxes.
Long-term lease agreements, often 20–30 years, commonly featuring built-in rent escalations, providing predictable, bond-like income over the life of the lease.
Strategically located real estate along major interstate highways and freight corridors, with large land parcels and high barriers to entry that help preserve long-term land and residual value.

Cons:

Lease renewal risk if Pilot Flying J elects not to renew at the end of the primary term, particularly in markets with shifting freight patterns or highway reconfigurations.
Fuel-margin sensitivity to energy price volatility and regulatory changes, which may impact tenant profitability during extreme market conditions.
Limited landlord control due to the nature of NNN and ground lease structures, restricting owner influence over operations and site decisions.
Environmental considerations, including fuel storage and compliance requirements, which—while typically tenant responsibilities—can add complexity to underwriting and resale.
Property value fluctuations tied to broader real estate cycles, traffic pattern changes, and regional logistics demand.

Just like any NNN or ground lease investment, carefully evaluating traffic counts, site access, lease structure, tenant credit strength, environmental protections, and long-term freight trends is essential when considering a Pilot Flying J property. Working with experienced NNN real estate professionals and financial advisors can help ensure the investment aligns with your income objectives, risk tolerance, and 1031 exchange strategy.

MarketWatch: Pilot Flying J