The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease 7-Eleven property located at 6001 Airport Freeway in Haltom City, Texas for $2,875,000.<\/p>\n
The net lease 7-Eleven property is strategically located at the intersection of Airport Freeway (US-121) and Carson Street, a heavily trafficked intersection that experiences traffic counts of 99,050 vehicles per day. The 7-Eleven has direct access on and off of Airport Freeway which is a primary east-west thoroughfare providing the only direct access to Fort Worth and the Dallas Fort Worth International Airport.\u00a0 The 7-Eleven is in the heart of the Fort Worth manufacturing and distribution corridor.\u00a0 The site is adjacent to a regional distribution center for Applied Industrial Tech (NYSE: AIT), one of North America\u2019s largest companies focused on the manufacturing and sale of industrial parts and fluid power components.\u00a0 Additional industry leaders with operations based in the immediate area include Ram Tool & Supply, WESCO International, Teletouch Communications, Southwest Gloves & Safety Equipment, and Walden\u2019s Distributing.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; an East Coast based real estate investment trust.\u00a0 The purchaser was a West Coast-based real estate investment group.<\/p>\n
7-Eleven signed a lease extension adding an additional ten years to the initial term that will expire April 31, 2032. The lease is an absolute triple net and features three 5-year renewal options with 10% rental escalations. 7-Eleven is the world\u2019s largest retail store chain with more than 56,600 locations throughout the world. 7-Eleven is an investment-grade rated company with a Standard & Poor\u2019s rating of \u201cAA-.\u201d<\/p>\n
\u201cThe market for net lease properties in top tier MSAs remains active as these assets are in high demand among private investors,\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Vice President of The Boulder Group, added, \u201cSingle tenant net lease properties in income tax-free states are in high demand.\u201d<\/p>\n