TravelCenters of America Portfolio

In 2026 Lorient invested in a three-property portfolio of TravelCenters of America travel centers, assembled with MFP Capital, Lorient's partner across its net-lease holdings, and L2B Invest. The portfolio is valued at approximately $94 million and is leased on 30-year absolute net terms with 2.5% annual rent escalations.

A true travel center is a different business from a gas station. Diesel carries roughly twice the margin of regular fuel, commercial trucks take 150 to 250 gallons per fill, and TA's fleet-fueling relationships route trucks to its centers, where drivers spend six to eight hours using restaurants, showers, laundry and overnight parking. That makes each site a multi-revenue, essential-service operation with real barriers to entry.

Medley, in the Miami MSA, is the only TA travel center serving the Miami corridor: 4.75 acres of industrial-zoned land across from a FedEx Ground and Freight hub, with Sysco, Home Depot Distribution and Old Dominion within half a mile, and the tenant funding a full TA rebrand and new diesel lanes at closing. Cookeville is a purpose-built 2023 TA Express on I-40 with a 16,200-square-foot store housing three quick-service restaurants, a 19-position fueling canopy and a truck wash, at an interchange carrying more than 76,000 vehicles a day. White Hills, Arizona, is a 2022-built TA Express on US-93 between Phoenix and Las Vegas.

The leases are guaranteed by LV Petroleum, the largest franchise operator in the TA system with more than 80 sites, and the TA brand itself sits under bp's investment-grade balance sheet. Like the car wash portfolio, the investment is built for durable, inflation-protected income with meaningful depreciation benefits, from a tenant whose business is tied to freight movement rather than discretionary spending.