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SRS Real Estate Partners Capital Markets Sells 33 7-Eleven Properties Over 18 Months

6/17/24

Over the past 18 months, SRS Real Estate Partners Capital Markets has sold a total of 33 properties occupied by 7-Eleven valued at $242 mil with an average cap rate of 5.27%. Additionally, SRS has 24 7-Eleven assets currently in escrow or on the market totaling a value of approximately $160 mil. All the assets are single-tenant properties with 12 or more years remaining on the lease term.

“Over the last 12 months or so, we have observed that cap rates for 7-Eleven stores are holding steady despite the higher interest rate environment,” said Patrick Luther, CCIM, SRS Executive Vice President and Managing Principal. “Additionally, the absorption of 7-Eleven assets outpaces comparable credit tenants such as drug store and coffee brands and we have not seen values erode or cap rates rise as much for this brand. Investors are benefitting from the long-term stability, high traffic locations and strong credit rating of this internationally recognized chain.”

“For those investors looking to maximize the benefits of bonus depreciation and mitigate taxes, 7-Eleven offers the best credit of net lease tenants across the C-store and car wash sector,” said Patrick Nutt, Executive Vice President and Managing Principal with SRS. “There is an interesting juxtaposition between the slowdown of new store deliveries for 7-Eleven meeting with the constant need to offset ordinary income via depreciation, which has created a net effect of slightly compressing cap rates at a time when the broader NNN market has materially softened.”

Founded in 1927, 7 Eleven is the world’s largest convenience retailer and is a global brand with more stores than any other retailer in the world – more than 84,000 across 20 countries, according to its website. Earnings in 2023 were reported at $2 bil.




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