Triple Net Investment Group

Facebook-f Linkedin-in Youtube
Menu
Facebook Linkedin Instagram Youtube
Menu
GET A QUOTE

Thorntons

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

Number of locations

As of 2023, Thorntons operates approximately 200 convenience stores across the Midwest and Southeast United States, with a strong presence in Kentucky, Illinois, Indiana, Ohio, Tennessee, and Florida.

Revenue and income

Thorntons operates as a private company under bp (British Petroleum), and standalone revenue and net income figures are not publicly disclosed. The brand contributes to bp’s U.S. downstream and convenience retail operations, which include fuel sales, convenience retail, and foodservice.

Future plans

Thorntons continues to evolve under bp’s ownership, with a focus on store modernization, fuel integration, and expanded food and beverage offerings. bp has indicated plans to refresh and rebrand select locations, enhance digital loyalty programs, and strengthen its U.S. convenience retail footprint through long-term investment.

Corporate vs. franchise

Thorntons stores are primarily corporate-owned and operated. The brand does not actively franchise its locations, allowing for centralized control over operations, branding, and customer experience.

Additional information – Thorntons Properties

  1. Thorntons was founded in 1971 in Louisville, Kentucky, by James H. Thornton.

  2. The company began as a locally owned convenience store and gasoline retailer and expanded regionally over several decades.

  3. Thorntons is known for its fresh food offerings, made-to-order items, and strong private-label beverage program, including its popular fountain drinks.

  4. In 2019, Thorntons was acquired by bp, becoming part of bp’s U.S. convenience retail and fuels strategy, with continued operations headquartered in Louisville, Kentucky.

Thorntons History

Thorntons was founded in 1971 by James H. Thornton in Louisville, Kentucky, beginning as a single convenience store and gasoline retailer. Over the years, the company expanded steadily throughout the Midwest and Southeast, building a reputation for clean stores, competitive fuel pricing, and a strong focus on fresh food and beverage offerings. Thorntons evolved from a regional operator into a recognized convenience store brand by investing in made-to-order food programs, private-label beverages, and modern store designs. In 2019, Thorntons was acquired by bp (British Petroleum), marking a new phase of growth and integration within bp’s U.S. convenience and mobility business. Today, Thorntons continues to operate across multiple U.S. states, with an emphasis on high-traffic locations and enhanced customer experience through updated store formats and offerings.

Why Invest in Ground Lease and NNN Lease of Thorntons?

Investing in Thorntons’ ground lease and triple net (NNN) lease properties offers several attractive benefits for real estate investors:

1) Thorntons NNN Property Investment: Stable income

Thorntons operates within the essential convenience retail and fuel sector, which benefits from consistent consumer demand. Ground lease and NNN structures provide predictable, long-term cash flow supported by daily traffic and fuel sales.

2) Thorntons NNN Property Investment: Established tenant

With over five decades of operating history and backing from bp (British Petroleum), Thorntons is a well-established and credit-supported tenant, reducing the risk of vacancy or lease default.

3) Thorntons NNN Property Investment: Low management responsibility

Under ground lease and NNN lease structures, the tenant is typically responsible for property taxes, insurance, maintenance, and operating expenses, allowing investors to enjoy passive ownership with minimal landlord involvement.

4) Thorntons NNN Property Investment: Favorable lease terms

Thorntons leases often feature long initial terms with contractual rent escalations, providing income stability and potential rental growth over time.

5) Thorntons NNN Property Investment: Strong real estate value

Thorntons locations are generally positioned along high-traffic corridors and major intersections, which supports long-term real estate value and offers potential capital appreciation.

Pros and Cons of Thorntons Ground Lease and NNN Lease Investment

Pros:

  1. Stable income from an established convenience retail brand – Thorntons operates in the essential fuel and convenience sector, supporting consistent customer traffic and reliable rent payments.

  2. Established tenant with corporate backing – With more than 50 years of operating history and ownership by bp (British Petroleum), Thorntons offers strong tenant credibility, reducing vacancy and lease default risk.

  3. Minimal management responsibility for landlords – Ground lease and NNN structures typically place responsibility for taxes, insurance, and maintenance on the tenant, allowing for passive ownership.

  4. Long-term lease stability with income growth potential – Thorntons leases often include long initial terms and scheduled rent escalations, providing predictable income over time.

Cons:

  1. Lease renewal risk at expiration – If the lease is not renewed, re-tenanting a purpose-built fuel and convenience property may require time and capital.

  2. Dependence on tenant operational performance – Rental income is tied to Thorntons’ continued operational success, fuel margins, and consumer traffic patterns.

  3. Market competition and fuel price volatility – Competition from other convenience retailers and fluctuations in fuel pricing can impact store performance.

  4. Limited landlord control – Ground lease and NNN agreements limit owner involvement in property operations and strategic decisions.

  5. Economic and regulatory risks – Broader economic conditions, environmental regulations, and changes in fuel and retail standards can affect long-term investment outcomes.

Thorough due diligence—focusing on location quality, lease structure, tenant credit strength, and market dynamics—is essential. Investors should consult real estate and financial professionals to ensure alignment with their investment objectives and risk tolerance.

MarketWatch: Thorntons

MarketWatch: Thorntons

Scroll to Top