| Metric | Details |
|---|---|
| Entity / Legal Name | Kum & Go, L.C. (acquired by Maverik, Inc. 2023) |
| Current Parent | Maverik, Inc. (Flying J family / FJ Management) |
| S&P / Moody’s Rating | Not Rated (private company) |
| Investment Grade Status | Private / Not Rated |
| Sector | Convenience Store & Fuel Retail |
| US Store Count | ~400 (Midwest & Mountain West) |
| Cap Rate Range | 5.75–7.0% |
| Typical Lease Term | 15–20 years (Absolute NNN) |
| Guarantee Type | Corporate (Maverik, Inc. / Kum & Go entity) |
| Typical Building Size | 4,000–6,000 SF |
| Typical Price Range | $1,800,000–$4,500,000 |
Kum & Go Business Overview & NNN Investment Profile
Kum & Go was a Des Moines, Iowa-based convenience store chain founded in 1959 by the Krause family, operating approximately 400 locations primarily across Iowa, Missouri, Colorado, Wyoming, Arkansas, and surrounding Midwest and Mountain West states. In 2023, Maverik, Inc. — the adventure sports-themed convenience chain owned by the Flying J family through FJ Management — acquired Kum & Go in a transaction that combined two strong regional convenience brands. The Kum & Go brand name has been gradually transitioned to Maverik branding in many markets, while some locations continue to operate under the legacy Kum & Go name pending full integration.
Kum & Go / Maverik Integration: What NNN Investors Need to Know
The 2023 Maverik acquisition of Kum & Go creates an important underwriting consideration for NNN investors: which entity is the current lease guarantor on any specific property? Properties still operating under the Kum & Go brand may retain Kum & Go, L.C. as the named lease guarantor, while converted or newly opened locations carry Maverik, Inc. guarantees. In either case, the credit support flows through FJ Management and the Krause/Call family ownership structures — both private entities without published ratings.
Maverik operates over 400 stores across the Mountain West, with strong concentrations in Utah, Idaho, Wyoming, Colorado, and Montana. The combined Maverik/Kum & Go network of approximately 800 locations represents a substantial regional convenience operator with the scale and operational infrastructure to support long-term lease obligations, despite the absence of public credit ratings.
Kum & Go NNN Lease Structure
Kum & Go and Maverik NNN leases typically carry 15 to 20 year absolute NNN terms with the tenant responsible for all operating expenses. Annual rent escalations of 1.5% to 2.0% or periodic bumps are standard. The 4,000 to 6,000 SF convenience store format is among the most liquid in the NNN market. Accessible acquisition prices of $1,800,000 to $4,500,000 make these properties ideal for individual investors and 1031 exchange buyers seeking unrated regional convenience credit.
Kum & Go NNN Cap Rate & Pricing Trends
Kum & Go and Maverik NNN properties trade at cap rates between 5.75% and 7.0% as of Q1 2026. The unrated private company credit trades at a modest premium over rated investment-grade convenience operators like 7-Eleven (A/Baa2) and Circle K (BBB/Baa2). Midwest locations in stronger markets with long remaining lease terms price at the tighter end. Mountain West and rural locations with shorter terms price wider.
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| 7-Eleven | A / Baa2 | 5.0–6.0% |
| Circle K | BBB / Baa2 | 5.25–6.25% |
| Casey’s | Private / NR | 5.5–6.5% |
Did Maverik buy Kum & Go?
Yes. Maverik, Inc. acquired Kum & Go in 2023, combining two regional convenience chains into a network of approximately 800 locations across the Midwest and Mountain West. The Kum & Go brand is being gradually transitioned to Maverik branding in many markets.
Is Kum & Go investment grade?
Kum & Go and its parent Maverik are privately held companies with no published investment grade ratings from S&P or Moody’s. The absence of a rating reflects private ownership structure rather than a confirmed credit quality assessment.
What cap rates are Kum & Go NNN properties trading at?
Kum & Go and Maverik NNN properties trade at 5.75% to 7.0% as of Q1 2026, reflecting the unrated private company credit and the regional convenience format.
The Only Kum & Go / Maverik NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Kum & Go and Maverik NNN properties sourced with guarantor entity confirmation and lease term analysis before you commit.
Fund It — Unrated regional convenience credit. We know which lenders price this asset type and format competitively.
Exit It — Selling a Kum & Go or Maverik asset? We know the regional buyer pool for Midwest and Mountain West convenience NNN.
Not committed to Kum & Go? Tell us your criteria. The tenant is a variable. Your criteria is the constant.
Get Your Free Kum & Go NNN Consultation →
In a 1031 exchange? Tell us your timeline — we move faster.
Own a Kum & Go Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Kum & Go NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Kum & Go NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Kum & Go properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Kum & Go portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Kum & Go buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
