Speedway NNN Property Lease: Pros, Cons, and History

Speedway

Interested in selling your Speedway NNN property or Speedway 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 Speedway NNN property for sale or Speedway 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 Speedway NNN property or the inclusion of a Speedway ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Speedway properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.

Number of locations

As of 2024–2025, Speedway operates approximately 3,800–3,900 convenience store locations across the United States.

Speedway has a strong presence in the Midwest, Great Lakes, and East Coast regions, with particularly dense store networks in states such as:
Ohio, Michigan, Indiana, Illinois, Kentucky, Pennsylvania, New York, and Florida.

Speedway is one of the largest convenience store brands in the U.S. and serves both fuel customers and daily convenience shoppers.

Revenue and income

Speedway is a privately operated subsidiary of 7-Eleven, Inc., following its acquisition by Seven & i Holdings (Japan) in 2021. As a result, Speedway does not disclose standalone public financials.

However, industry estimates and disclosures indicate:

Speedway generates multi-billion-dollar annual revenue, driven by high fuel volumes and in-store sales.
Revenue is derived from:
- Gasoline and diesel fuel sales
- Convenience retail (snacks, beverages, tobacco, grocery)
- Prepared food and beverages
- Private-label offerings
- Loyalty and promotional programs

Fuel sales account for the largest portion of revenue, while in-store merchandise delivers higher margins.

Future plans

Under 7-Eleven ownership, Speedway continues to focus on integration, optimization, and selective growth rather than aggressive net new expansion.

1. Store modernization and rebranding

Speedway locations are being upgraded and, in some markets, converted to the 7-Eleven brand, featuring:

Updated store layouts
Enhanced food and beverage offerings
Improved coffee and prepared food programs
Modernized signage and branding

The strategy emphasizes improved customer experience and operational efficiency.

2. Selective market optimization

Speedway focuses on:

Strengthening performance in core Midwest and East Coast markets
Rationalizing underperforming locations
Maintaining high-traffic, fuel-efficient sites

Growth is disciplined and data-driven, prioritizing profitability over store count.

3. Digital and loyalty program expansion

Key investments include:

Speedway Rewards (integrated with 7-Eleven loyalty platforms)
Mobile app functionality
Digital fuel discounts
Personalized promotions

Loyalty programs are a major driver of repeat visits and fuel volume.

4. Fuel strategy and alternative energy

Speedway continues to support evolving fuel trends through:

Competitive fuel pricing strategies
Ethanol blends (E10, E85 in select markets)
Exploration of EV charging at select sites through parent partnerships

5. Supply chain and operational efficiencies

As part of 7-Eleven’s U.S. platform, Speedway benefits from:

National-scale procurement
Private-label product expansion
Centralized distribution and logistics
Enhanced data analytics and pricing optimization

Corporate vs. franchise

Speedway is not a franchise.

All locations are corporately owned and operated
Pricing, fuel supply, branding, and operations are centrally managed
No independent franchise operators exist

This structure ensures consistent execution, branding, and operational control across the portfolio.

Additional information about Speedway properties

Founded: 1959
Former parent company: Marathon Petroleum Corporation
Current owner: 7-Eleven, Inc. (Seven & i Holdings, Japan)
Headquarters (U.S. operations): Enon, Ohio, USA

Typical Speedway locations include:

Gasoline and diesel fueling
Convenience retail
Fresh food and packaged snacks
Coffee and beverage stations
Loyalty-based fuel discounts
Car washes (select locations)

Speedway serves millions of customers daily and remains a core brand within the U.S. convenience store and fuel retail sector, supported by one of the world’s largest retail operators.

Speedway History

Speedway was founded in 1959 in Enon, Ohio, originally operating as a regional fuel and convenience store business. From its early years, the company focused on high-traffic locations and efficient fuel distribution, building a strong presence across the Midwest.

During the 1990s and 2000s, Speedway expanded rapidly through organic store growth and strategic acquisitions, including the purchase of numerous convenience store portfolios from major oil companies and regional operators. This expansion strategy transformed Speedway into one of the largest convenience store and fuel retailers in the United States.

A major milestone occurred in 2021, when Marathon Petroleum Corporation sold Speedway to 7-Eleven, Inc., a subsidiary of Seven & i Holdings (Japan). The acquisition significantly expanded 7-Eleven’s U.S. footprint and positioned Speedway as a key brand within one of the world’s largest convenience retail platforms.

Today, Speedway operates approximately 3,800–3,900 locations across the United States. Headquartered in Enon, Ohio, the brand continues to focus on store modernization, loyalty program integration, and operational efficiency, while selectively converting some locations to the 7-Eleven brand. Speedway remains a major player in U.S. fuel and convenience retail, serving millions of customers daily through a nationwide network of high-traffic locations.

Why Invest in Ground Lease and NNN Lease of Speedway?

Investing in Speedway ground lease or triple net (NNN) lease properties offers compelling advantages due to the brand’s national scale, fuel-driven essential-service model, and strong corporate backing under 7-Eleven / Seven & i Holdings. Convenience stores with fuel remain among the most durable NNN asset classes because of their daily-use nature, consistent traffic, and prime real estate.

1) Speedway NNN Property Investment: Stable, Daily-Use Income

Speedway locations generate revenue from high-volume fuel sales and in-store convenience retail, serving commuters, local residents, and long-distance travelers. This daily-needs business model produces consistent cash flow that supports reliable long-term rent payments under NNN and ground lease structures.

2) Speedway NNN Property Investment: Established, National Tenant

Founded in 1959, Speedway grew into one of the largest convenience store chains in the United States, with approximately 3,800–3,900 locations nationwide. Today, Speedway operates as a subsidiary of 7-Eleven, Inc., owned by Seven & i Holdings (Japan)—one of the world’s largest retail companies—providing strong corporate support and reduced tenant-credit risk.

3) Speedway NNN Property Investment: Low Management Responsibility

Speedway ground lease and NNN lease structures typically require the tenant to cover:

Property taxes
Insurance
Building and site maintenance
Fuel system operations and compliance

This results in passive ownership with minimal landlord involvement, making Speedway properties especially attractive for 1031 exchange buyers and income-focused investors.

4) Speedway NNN Property Investment: Favorable Long-Term Lease Terms

Speedway commonly executes long-term leases, often 15–20+ years, with built-in rent escalations and multiple renewal options. These lease structures provide predictable income growth and long-term tenant stability comparable to bond-like investments.

5) Speedway NNN Property Investment: Prime Real Estate and Residual Value

Speedway stores are typically located at high-traffic intersections, commuter corridors, and signalized corner lots, often with:

Multiple points of ingress/egress
Strong visibility
Fuel canopies and large parcels

These real estate characteristics help preserve long-term land value and support future re-tenanting or redevelopment if needed.

Pros and Cons of Speedway Ground Lease and NNN Lease Investment

Pros:

Stable income supported by an essential, daily-use retail model, driven by consistent fuel demand and in-store convenience purchases from commuters, local residents, and travelers.
Established, creditworthy tenant, founded in 1959 and now operating as a subsidiary of 7-Eleven, Inc., owned by Seven & i Holdings (Japan)—one of the world’s largest convenience retail operators—reducing vacancy and default risk.
Minimal landlord responsibilities under typical Speedway NNN and ground lease structures, with the tenant generally responsible for property taxes, insurance, building maintenance, and fuel system operations.
Long-term lease agreements, often 15–20+ years with renewal options and built-in rent escalations, providing predictable, bond-like cash flow over the lease term.
Strong real estate locations, typically positioned on high-traffic intersections, commuter corridors, and signalized corner lots with excellent visibility, multiple points of ingress/egress, and fuel canopies that enhance site value.

Cons:

Fuel-margin sensitivity, as profitability can be affected by fuel price volatility, regulatory changes, and supply-chain dynamics, even though fuel remains a core traffic driver.
Lease renewal risk if Speedway elects not to renew at the end of the primary term due to market optimization, rebranding, or conversion to another 7-Eleven format.
Limited landlord control inherent in NNN and ground lease structures, restricting owner involvement in operations and branding decisions.
Environmental considerations, including underground fuel storage systems, which—while typically tenant responsibilities—require careful underwriting and environmental diligence.
Specialized site design, which may require additional capital for reconfiguration or environmental remediation if the property is re-tenanted for a non-fuel use.

As with any NNN or ground lease investment, it is essential to evaluate traffic counts, site access, lease structure, tenant credit strength, environmental protections, and long-term market demand when considering a Speedway property. Consulting experienced NNN real estate professionals and financial advisors can help ensure the investment aligns with your investment goals, risk tolerance, and 1031 exchange strategy.

MarketWatch: Speedway