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5/09/23
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An OC-based private investor paid $2.4 mil for a new construction, single-tenant property occupied by a 7-Eleven convenience store and gas station in Imperial Valley. The new 15-year absolute triple-net ground lease sale worked out to a cap rate of 4.08%.
Built in 2021, the single-tenant 2.9k sf 7-Eleven is located on 0.78 acres at 555 North Imperial Ave in El Centro, adjacent to the signalized intersection of Imperial Ave and Adams Ave (46,000 cars per day at the intersection). Imperial Ave (Highway 86) is the primary retail corridor in the Imperial Valley.
The property benefits from the two 30-foot pylon signs, one facing Imperial Avenue and the other facing Adams Avenue. 7-Eleven is also directly adjacent to Carl’s Jr. and Express Lube. Nearby tenants include Costco, Lowe’s, Target, Walmart Supercenter, 99 Cents Only, ALDI, Ashley HomeStore, Cardenas, Grocery Outlet, Harbor Freight Tools, PetSmart, Planet Fitness, Rite Aid, Ross Dress for Less, Smart & Final, Vons, Tractor Supply and Walgreens.
The property serves the Imperial Valley and Mexicali (Mexico), creating a combined primary customer base of approximately 1.5 million people. According to Asher, the Imperial Valley is one of the most productive agricultural regions in the world; the total dollar value of the region’s agriculture production increased 51% over the last decade to $2.06 bil annually, outpacing inflation by over 31%.
The 7-Eleven property benefits from its proximity to the recently developed Lotus Ranch (609 single-family homes), Town Center Villas (240 apartments), and several planned communities such as Citrus Grove Estates (120 single-family homes).
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, Imperial Retail Investments LLC, based in Orange County. The buyer was self-represented.
“We procured a Southern California-based all-cash 1031 exchange buyer for a new 7-Eleven situated at the busiest intersection in El Centro. We achieved an all-time record-low cap rate for a single-tenant 7-Eleven in the Imperial Valley, and one of the lowest-cap rate sales for a 7-Eleven nationwide in 2023,” Asher said.
El Centro is the largest city in Imperial County and is located 10 miles north of two Calexico/Mexicali border crossings, benefiting from nearly 20 million people crossing at these ports annually.
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