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3/12/24
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A private investor out of Bakersfield paid $7.73 mil for a new construction, single-tenant property occupied by a 7-Eleven convenience store with Laredo Taco Company quick-serve restaurant and a gas station in San Bernardino. Built in 2023, the single-tenant, 4.1k sf ($1,885/sf) 7-Eleven sits on 1.25 acres at 171 East Redlands Blvd, at the signalized intersection of Redlands Blvd and Hunts Lane.
The property benefits from its proximity to Interstate 10 (236,000 CPD) on/off ramps and near Interstate 215 (185,000), creating easy access to the entire Inland Empire. Nearby tenants include Aldi, Home Depot, PetSmart, Burger King, Carl’s Jr., McDonald’s, Popeyes, Starbucks, and Taco Bell. The property serves commuter traffic, local communities, and numerous distribution and logistics hubs in the area, including multiple Amazon fulfillment and distribution centers with a daytime population of nearly 107,000 people.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the developer and seller, Glendale-based Chase Partners Ltd. The buyer was repped by Jeff Leggio of ASU Commercial in Bakersfield.
“We secured an all-cash 1031 exchange buyer through a broker relationship and negotiated a two-week due diligence period with a 40-day escrow to help fulfill the buyer’s exchange requirement,” said Asher. The buyer purchased a new larger format 7-Eleven in an outstanding location with unparalleled exposure, identity and visibility adjacent to one of the most well-traveled freeways (Interstate 10) in southern California.”
“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.
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