Speedway Credit Rating & NNN Cap Rate

Speedway Business Overview & NNN Investment Profile

Speedway is one of the largest company-operated convenience store and fuel chains in the United States. Built by Marathon Petroleum over two decades of acquisitions, including Hess Retail in 2014 and the Andeavor retail network in 2018, Speedway was sold to 7-Eleven, Inc. for approximately $21 billion in a transaction that closed on May 14, 2021. Roughly 290 stores were divested to satisfy Federal Trade Commission conditions, and the remaining network of roughly 3,800 stores became part of 7-Eleven’s US footprint of roughly 12,500 stores. 7-Eleven, Inc. carries A-/Baa2 ratings from S&P and Moody’s, placing the Speedway credit in the investment grade tier.

Speedway Credit Rating Analysis

Speedway LLC does not carry its own public agency rating. The credit behind a Speedway lease is 7-Eleven, Inc., rated A-/Baa2 by S&P and Moody’s, with implicit support from its Tokyo-listed parent Seven & i Holdings. The split between the two agencies reflects the debt 7-Eleven, Inc. issued to fund the Speedway acquisition, offset by the scale of the combined US network and the parent’s history of supporting the brand through large acquisitions. The ratings on this page are pulled from the verified source-of-truth table below.

Source: S&P Global Ratings A-, Stable, action February 28, 2026; Moody’s Baa2, Stable, action August 4, 2026. Ratings checked September 27, 2026.

For net lease underwriting the practical question is which entity signed. A Speedway lease where 7-Eleven, Inc. is the tenant, or where 7-Eleven, Inc. has assumed or guaranteed the obligations of Speedway LLC, is underwritten on the rated credit above. A lease where Speedway LLC is the only obligor is a subsidiary credit: still a very large operator, but without a direct claim on the rated parent. Estoppels and assignment documentation from the 2021 transaction usually settle this, and the difference is worth 50 to 100 basis points of cap rate in the current market.

Speedway NNN Lease Structure

Speedway stores are company-operated, so unlike franchised 7-Eleven stores or dealer-operated Marathon stations there is no operator layer between the landlord and the corporate credit. Leases in the market today are typically legacy Speedway LLC leases that transferred with the 2021 sale, sale-leasebacks executed after the acquisition, and ground leases on larger fuel-and-store pads. Remaining terms of 10 to 20 years are common, structured as NNN or absolute NNN with periodic rent increases, often 5% to 10% every five years rather than annual bumps.

Environmental responsibility follows the standard fuel property pattern, with the tenant handling compliance for underground storage tanks and dispensing systems during the term. Buyers should still order a Phase I assessment and confirm the tank registration and any open remediation items with the state fund, because these items survive a change in tenant and a change in landlord.

Speedway NNN Cap Rate & Pricing Trends

Speedway properties backed by 7-Eleven, Inc. credit trade at cap rates between 5.0% and 6.0% as of Q1 2026, in line with other 7-Eleven corporate leases and tighter than dealer-operated fuel sites. Larger travel-oriented stores on interstate corridors and stores in growth markets sit at the tight end of the range. Stores with shorter remaining term, secondary-market locations or Speedway LLC as the sole obligor price wider.

The store rationalization program 7-Eleven announced for its North American network in late 2024 included Speedway-acquired locations, which makes site quality, traffic counts and remaining lease term more important on a Speedway listing than the brand alone would suggest. Assume the parent will exercise every economic option it has at renewal.

Speedway NNN Investment: Pros & Cons

Comparable NNN Tenants