Suffolk Net Lease 7-Eleven Property Sale Arranged Date February 18, 2019
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased 7-Eleven property located at 2317 Holland Road in Suffolk, Virginia for $2,727,000.
The 2,930 square foot Suffolk net lease 7-Eleven is located along US-58 at the corner of a signalized intersection with excellent visibility. US-58, a primary east-west thoroughfare, experiences traffic counts of 28,918 VPD. The 7-Eleven property is directly north of a 1.8 million square foot Target distribution center with more than 700 employees. There is also a large Pepsi Bottling facility and an Ace Hardware distribution center in the immediate area. Additionally, Lakeland High School (1,000+ students) and Forest Glen Middle School are located nearby, driving additional traffic to the property. The surrounding area is also projected to grow 1.35% annually.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; an East Coast based real estate fund. The purchaser was a west coast based investor.
7-Eleven signed a lease extension in 2018, which now expires October 31, 2031. The lease is an absolute triple net and features a 10% renal escalation in November 2026 and 10% rental escalations in the four 5-year renewal option periods. There are 6 gas pumps on the large 1.7 acre high quality brick construction site. 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, “E-commerce resistant retailers including 7-Eleven continue to be in high demand amongst investors. This transaction represents The Boulder Group’s 14th 7-Eleven transaction in the past 24 months.”
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 2012-2018, 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