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August 24, 2019
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INLAND EMPIRE NEWS
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New Construction 7-Eleven in the Inland Empire Sells for $784/sf

5/14/19

A brand-new, 3k sf single-tenant 7-Eleven convenience store and gas station in Fontana sold for $2.353 mil, or $784/sf. The property traded at a 4.25% cap rate, what we’re told is a record-low cap rate for a 7-Eleven in San Bernardino County.

The 1.20-acre property, to be occupied by a 7-Eleven convenience store and a gas station, is located at 16060 Jurupa Ave, at the northwest signalized intersection of Jurupa and Citrus Avenues. 7-Eleven is expected to open later this year.

The 7-Eleven site is located at a hard corner, signalized intersection with an average daily traffic count of 38,000 cars and is adjacent to multiple distribution centers including Walmart, UPS, and Black and Decker totaling more than 2.6 million square feet. Several high schools are within two miles of the property including Jurupa Hills High School (2,100 students), Citrus High School (1,400 students), and Henry J. Kaiser High School (2,400 students).

The property also enjoys convenient access from four major Southern California freeways and is centrally located between Interstate 10, Interstate 15, Interstate 215, and State Route 60. Nearly 293,000 residents and more than 76,000 employees are within a five-mile radius of the property.

Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors, along with Jon Friesen and Jeff Stanley of Lee & Associates, represented the seller, The KCS Company in Costa Mesa. The buyer, a private partnership from Santa Ana, was represented by Pasha Darvishian of Darvishian Investment Group Inc, also based in Costa Mesa.

“The new, long-term ground lease format with 7-Eleven provided us the opportunity to arrange a pre-sale structure,” said Asher. “Additionally, 7-Eleven is one of the most highly sought-after national tenants in today’s market due to their credit combined with typically occupying fundamental ‘A’ locations investors feel safe and secure owning long-term.”





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