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June 15, 2024
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Two New 7-Eleven Stores in Riverside County Trade in Deals Totaling Over $10 Mil


Two new properties leased by 7-Eleven in Riverside County has been pre-sold to different buyers in deals totaling $10.15 mil.

In one of the transactions, a private investor from San Bernardino paid $5.15 mil for a new construction 3.5k sf ($1,474/sf) 7-Eleven convenience store and gas station on a 1.03-acre parcel at the signalized intersection of Golf Center Pkwy and Avenue 45 in Indio. The property benefits from a 25-foot pylon sign visible from the Interstate 10 freeway, which is located less than a quarter mile from the site.

Indio is the largest and fastest-growing city in the Coachella Valley with over 92,000 people. Indio’s population has grown over 120% since 2000, making it one of the fastest-growing cities in California. Additionally, Indio attracts over 1.4 million visitors each year. It is home to the Coachella Valley Music and Arts Festival (over 250,000 visitors) and the Stagecoach Festival (over 85,000 visitors). Riverside County Fair and the National Date Festival attract 315,000 visitors.

In the other transaction, an L.A.-based private investor paid $5 mil for a new construction, 3k sf ($1,695/sf) 7-Eleven convenience store and gas station on a 0.98-acre parcel at the signalized intersection of Perris Blvd and Harley Knox Blvd in Perris, both of which have exits off nearby freeways. Perris Blvd, which is the main arterial in the trade area, connects to U.S. Hwy 60 to the north (110,000 cars per day). Harley Knox Blvd feeds directly to and has its own exit off Interstate 215 (145,000 cars per day).

The 7-Eleven site in Perris is ideally located in the heart of a major, rapidly growing distribution and logistics hub with more than 46 million square feet of existing distribution centers space (and 13 msf planned or under construction), including national companies such as Amazon, Fallas, The Home Depot, Lowe’s, O’Reilly Auto Parts, Proctor & Gamble, Sketchers, Ross Dress for Less, and Walgreens, creating significant demand for daily goods and services in the trade area.

Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the sellers, TSC Perris LLC and TSC Indio Golf Center LLC, based in Newport Beach, California, in both transactions. Rick Lazar at Lee & Associates repped the Indio buyer, while Pooya Dayanim of Dayanim Real Estate Corporation in Beverly Hills represented the Perris buyer.

7-Eleven has more than 71,000 locations globally (11,800 in the U.S.) and $120 billion in annual sales and has more units than any other retailer or food service provider in the world. Furthermore, 7-Eleven consistently ranks as one of the top U.S. franchises.

“7-Eleven is one of the most sought-after single-tenant investments across the country in today’s market. 7-Eleven is one of the largest, most successful retailers in the U.S., and the company’s operating success as an essential business during the pandemic further accentuated the attractiveness of this investment-grade tenant,” noted Asher.

“As investors look to the future and have concerns about potential economic instability, buyers are seeking essential businesses with a high credit rating (S&P: AA-) like 7-Eleven that can do well during challenging times and provide a reliable cash flow,” said Asher.

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