Truck Stops & Travel Centers: The Next Frontier of U.S. Infrastructure

Most people still think of truck stops as gas stations with bad coffee. They’re dead wrong. Truck stops and travel centers are rapidly becoming one of the most valuable and overlooked pieces of American infrastructure. Nearly 72% of freight in America moves by truck. That share isn’t shrinking; it’s rising. More freight means more drivers, more trucks, and more demand for places to stop, fuel, rest, and recharge.

But here’s the bigger picture:

1. Prime Real Estate at Irreplaceable Interchanges

The best truck stops sit on highway interchanges with nonstop traffic. Once a major operator locks up a corridor, they control that lane. Competing is almost impossible without deep capital — and the returns can be massive.

2. The EV & Alt-Fuel Revolution

Electric and hydrogen-powered trucks are coming fast. Travel centers will be the first to deploy high-speed charging, hydrogen fueling, and alt-fuel infrastructure. Yes, it requires heavy upfront investment, but once installed, it becomes a decades-long moat.

3. Retail is Exploding Inside TravelCenters

Truck stops are no longer just about fuel. They’re becoming micro-malls: fast food, gyms, convenience retail, even health clinics. Operators are monetizing dwell time, not just gallons pumped.

4. Road Trips & Autonomy are Changing Travel Habits

Long drives are back — especially as self-driving technology reduces fatigue and increases productivity. For shorter trips, driving often beats flying: no TSA, no delays, no overpriced airport salads. Just your own playlist or a podcast and the open road.

Big Brands Are Taking Notice

Even regional convenience store giants are jumping into the game.

Wawa, the beloved mid-Atlantic chain, recently opened its first full-service truck stop in North Carolina with high-speed diesel pumps, CAT-certified truck scales, and tractor-trailer parking. They’re now building additional sites in Ohio and Indiana, alongside a broader expansion of nearly 90 stores across North Carolina over the next decade.

They’re not alone; from 7-Eleven to Murphy USA to regional operators, convenience store brands are racing to design larger, more profitable travel centers that can capture both truck traffic and everyday consumers.

The Big Money Behind the Movement

It’s not just independent operators and fuel companies building travelcenters anymore. Some of the largest investors in the world are making big bets on this asset class.

Berkshire Hathaway & Pilot Flying J

Warren Buffett’s Berkshire Hathaway now fully owns Pilot TravelCenters (Pilot Flying J), the largest operator of truck stops in North America. The move capped off a series of acquisitions that started in 2017,when Berkshire bought a 38.6% stake for $2.8 billion. In 2023, they increased their position to 80% with an $8.2 billion deal. By early 2024, Berkshire acquired the final 20%, cementing its control. For Buffett, this was a classic infrastructure play: hard-to-replicate real estate with built-in demand from America’s freight system.

BP & TravelCenters of America

In 2023, BP acquired TravelCenters of America (TA), one of the country’s largest full-service travel center networks. As part of the deal, the REIT Service Properties Trust (SVC) — which owned many of TA’s underlying properties, received nearly $379 million in cash. SVC now leases over 175 properties to BP under long-term agreements backed by one of the world’s largest energy companies. This partnership marries real estate with fuel distribution at massive scale.

The Bottom Line

Truck stops are no longer low-margin roadside pit stops. They are evolving into high-value infrastructure hubs that combine logistics,retail, and energy transition.

For investors, developers, and retailers, this sector is the definition of a growth lane. If you’re still thinking of them as “bad coffee and diesel,” you’ve already missed the turn.