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December 15, 2017
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Trio of SoCal 7-Eleven Sales Total Over $9 Mil

10/12/17

Three SoCal 7-Eleven properties have sold in separate transactions for a combined price tag of $9.13 mil. The properties are located in Los Angeles, San Diego and Bakersfield.

Hanley Investment Group Real Estate Advisors’ Jeremy McChesney represented the sellers in all of these transactions. In fact, McChesney has now completed the sale of 23 7-Eleven properties in the last 2.5 years, the most 7-Elevens sold by one individual in the U.S. during this same period.

“These sales highlight the continued demand by investors for high quality, investment grade net-lease and two-tenant properties and investors’ willingness to look in major metros to find them,” said McChesney. 7 Eleven, Inc. is the world’s largest chain in the convenience retailing industry. Based in Irving, Texas, 7 Eleven® operates, franchises and/or licenses more than 63,000 stores in 18 countries, including 10,900 in North America.

In Los Angeles, an LA-based private investor paid $4.4 mil for a two-tenant retail property occupied by 7-Eleven and Launderland Laundry at 1661 and 1665 S. Robertson Boulevard. Built in 1977, the 4.7k sf building sits on .31 acres at the signalized corner of Robertson Blvd and Airdrome Rd, with daily car counts exceeding 57,000 cars per day. Within the one-mile trade area, there are more than 43,000 residences with an average household income of $98,000.

The sale worked out to $931 per square foot, with a closing cap rate was 4.03%. According to CoStar, this sale represents the lowest recorded closing cap rate in the nation for a multi-tenant 7-Eleven property in 2017. McChesney represented the seller, a private investor from Los Angeles. The buyer was repped in the 1031 exchange deal by Michael Irvine with Bulldog Realtors, in Venice.

“Both 7-Eleven and the laundromat have a 40-year operating history at this site and recently signed a 10-year lease extension, which speaks to the strength and performance of this location,” said McChesney. “Launderland is also investing over half a million dollars remodeling the store and upgrading their equipment, which further validates their long-term commitment to this location.”

In Bakersfield, a private investor from Clovis, CA paid $2.84 mil for a single-tenant corporate guaranteed 7-Eleven store and gas station with a new 10-year extension. The 3k sf building, which was built in 1997 on 1.06 acres, is located at 5203 Olive Dr at the signalized intersection of Olive Dr and Knudson Dr, with 41,000 cars per. Over 70,000 people with an average household income of $71,000 reside within three miles of the property.

The purchase price worked out to $945/sf, with a cap rate of 4.35%. The buyer was repped by Sarhan Mheni of Marcus & Millichap in Encino. McChesney represented the seller, a private investor from Hermosa Beach.

The third sale was for a single-tenant corporate-guaranteed 7-Eleven at 8508 San Carlos Drive in San Diego. Built in 1970, the single-tenant 2.4k sf building sits on .22 acres at the intersection of Bisby Lake Ave and San Carlos Dr in the Lake Murray neighborhood, a dense affluent area of San Diego with over 125,000 people with an average household income of $86,570 within three miles of the property.

The purchase price was $1.9 mil, which works out to $791/sf and a cap rate of 4.79%. McChesney represented the seller, a private investor from Los Angeles. The buyer, a family trust from Los Angeles, was repped by Allen Park of Packo Investments Inc in Los Angeles.

“7-Eleven has a long history at this location,” said McChesney. “7-Eleven has successfully operated out of this location for over 50 years and had recently extended its absolute triple-net lease with eight years remaining on its primary lease term.”





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