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3/19/24
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Two brand-new construction, single-tenant properties occupied by a 7-Eleven convenience store with a gas station and the adjacent Starbucks (a drive-thru-only prototype) in Merced, CA traded hands for $8.2 mil.
The properties were purchased by two individual private buyers in separate transactions. In both transactions, Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the developer and seller, Glendale, CA-based Chase Partners Ltd.
The 7-Eleven-leased investment, which has a new corporate 15-year triple-net lease, sold for $5.29 mil. The all-cash high-net-worth buyer, a private investor from Los Angeles, was represented by Nicholas Borrelli of Coldwell Banker Commercial George Realty in Arcadia, California.
The Starbucks-leased investment, which had a new corporate 10-year triple-net lease, sold for $2.9 mil. The all-cash 1031 exchange buyer, a private investor from Los Angeles, was represented by Michael Mehdizadeh, based in Los Angeles.
Constructed in 2023, the 4.1k sf 7-Eleven convenience store is located on a 1.15-acre parcel at 1995 West Olive Ave at the signalized intersection of California Hwy 59 and Olive Ave. Nearby national retailers include Walmart, Lowe’s, Hobby Lobby, Target, Kohl’s, JCPenney, Ashley Home Store, Dollar Tree, Panda Express, Ross Dress For Less, PetSmart and others.
Located at 1993 West Olive Avenue, the 1k sf Starbucks drive-thru-only building sits on a 0.83-acre parcel adjacent to the new 7-Eleven convenience store and gas station. The new Starbucks location was an expansion store in the trade area to relieve pressure from an existing highly successful store down the street.
Merced, known as the “Gateway to Yosemite,” is less than two hours from Yosemite National Park and approximately 45 miles from Fresno, 110 miles from Sacramento, and 270 miles from Los Angeles. Since 1980, Merced’s population has grown faster than the state average and has experienced a 44% increase since 2000. In 2020, Merced had the highest percentage growth rate of any other city in California. The city’s current population is estimated to be more than 91,500; Merced County’s population is estimated to be over 290,000.
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