Hanley Investment Group closes sale of 7-Eleven near St. Louis

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RE Journals

Hanley Investment Group Real Estate Advisors’ Executive Vice President Jeremy McChesney arranged the sale of a single-tenant net-lease 7-Eleven property in the St. Louis metropolitan area for $1.725 million.

This transaction marks McChesney’s fifth 7-Eleven property that he has sold in the last five months and the 40th convenience store sale transaction (consisting of either a 7-Eleven or Circle K property) in the last 40 months.

The 7-Eleven property is located at 703 Union Road in Affton, Missouri, fewer than nine miles from downtown St. Louis. McChesney represented the seller, Equitas Investments of Hermosa Beach, California. The buyer, a private investor from Los Angeles, was self-represented.

The 2,845-square-foot, triple-net-lease 7-Eleven with a fuel station was built in 1989 on 0.43 acres, just off Interstate-55 with 125,000 vehicles a day and 43,000 vehicles a day at the signalized intersection of Union Road and Weber Road, providing excellent exposure and strong real estate fundamentals, according to McChesney.

7-Eleven has operated out of the Affton location for more than 30 years and recently elected to extend its lease prior to the lease expiration, which speaks to the success of the store and the strength of the location, McChesney reported.

Within three miles of the 7-Eleven, there are 125,610 people with an average household income of $68,624. Within five miles of the property, there are 290,102 people with an average household income in excess of $72,600 annually.

McChesney currently has multiple 7-Eleven properties available for sale throughout the United States, including several off-market 7-Eleven investments.