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3/21/22
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A 2.4k sf 7-Eleven convenience store/gas station property in the East Bay was acquired by a CA-based private investor for $2.3 mil. Located at 3868 Delaware Dr in Fremont, the property traded at a 3.25% cap rate.
7-Eleven has occupied the property since it was originally built in 1977. The site is situated on 0.5 acres in a dense residential area just north of an industrial complex with national operators including the 4.4 msf Tesla manufacturing center. The tenant operates on a corporate guaranteed triple net lease.
Mike Matter of Stan Johnson Company represented the seller, who was in a 1031 exchange. According to Matter, there was significant interest in the offering due to the location having high barriers to entry, a short-term lease and low relative rents. Matter tells us that they were able to generate seven offers and ended up selling over the list price.
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