Net Leased 7-Eleven Condo Sale Arranged Date January 29, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased 7-Eleven condo property located at 351 Bowery in New York, New York for $6,915,000.
The 2,156 square foot net leased 7-Eleven condo is located along the border of NoHo and the East Village along the east side of Bowery between East 3rd & 4th Street. The condominium is situated at the base of a fifteen-story residential condominium and has 43 feet of frontage on Bowery. The property is located in close proximity to New York University (51,000+ students) and is steps away from the Broadway-Lafayette and Astor Place subway stations. The 7-Eleven is located in a highly dense area with 286,722 people living within one mile of the property and over 1,120,000 living with three miles. Additionally, the property is located in an affluent neighborhood of Manhattan, with an average household income of $157,919 within three miles of the property. The property is also located near numerous luxury boutique retail shops and restaurants.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller was an east coast based real estate fund and the purchaser was a northeast based investor.
7-Eleven signed a lease extension in 2019. The lease is features 10% rental escalations every five years. This is a rare opportunity to acquire irreplaceable real estate. 7-Eleven is the world’s largest convenience store chain operating, franchising and licensing more than 64,319 stores in 18 countries. 7-Eleven is also one of the nation’s largest independent gasoline retailers and was ranked #1 by Entrepreneur Magazine in the 2017 annual “Franchise 500” ranking.
“Single tenant 7-Eleven properties continue to garner significant interest amongst private investors” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Investors were attracted to this investments due to the strength of 7-Eleven’s credit and the strong underlying real estate.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack