IRVINE, Calif. — Hanley Investment Group has brokered the sale of four single-tenant absolute triple-net (NNN) 7-Eleven convenience stores in Erie County, N.Y., totaling nearly $3 million.
Hanley Investment Group, a national boutique real-estate brokerage and advisory firm specializing in retail property sales, has announced that senior vice president Jeremy McChesney negotiated the sale.
McChesney currently has two other East Coast 7-Eleven c-stores in escrow and two additional stores available for sale.
“Investor demand remains high for quality single-tenant retail properties,” said McChesney. “And, with the lack of high-quality single-tenant inventory, these four sales are representative of West Coast capital moving east in search of a better return.”
In Buffalo, N.Y., McChesney negotiated the sale of two 7- Eleven stores working with both the same buyer, a private investor from Tacoma, Wash., and the same seller, a local investor from Buffalo. He completed the sale of a 2,835- square-foot 7-Eleven store for $800,000. Built in 1994, the 7-Eleven building is situated on a .26-acre parcel.
The other property, a 2,842-square-foot 7-Eleven, was built in 1992. The 7-Eleven building is situated on a .47-acre parcel. The purchase price was $800,000.
“The buyer purchased two single-tenant NNN absolute 7-Eleven stores in Buffalo from the same seller to meet his 1031 Exchange requirements,” said McChesney.
McChesney negotiated the sale of a third 7-Eleven at in Buffalo. Built in 1986, the 7-Eleven building is situated on a .36-acre parcel. The purchase price was $851,000. Michael Chow of Jones Pacific Land Co. in San Francisco represented the buyer, a private investor from the San Francisco Bay Area. McChesney represented the seller, a local private investor from Buffalo.
In South Wales, N.Y., McChesney negotiated the sale of a 2,080-square-foot 7-Eleven store. Built in 1972, the 7- Eleven building is situated on a 1.35-acre parcel. The purchase price was $525,000. The buyer, a private investor from San Francisco, Calif., was also represented by Michael Chow of Jones Pacific. The seller, a private investor from Hermosa Beach, Calif., was represented by McChesney.
Last year, McChesney sold multiple 7-Eleven single-tenant investments including stores in Norfolk, Va., Capitol Heights, Md., and Santa Barbara, Calif.
“With an AA- credit rating and zero land responsibilities, single-tenant 7-Eleven stores continue to be one of the most highly sought-after retail investments in today’s market. These sales highlight the strong appetite investors have for high-quality, investment grade net-lease properties and investors’ willingness to look in major metros across the country,” said McChesney.
Irvine, Calif.-based Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide.
Dallas-based 7-Eleven operates, franchises or licenses nearly 10,500 7-Eleven convenience stores in North America. Globally, there are more than 55,400 7-Eleven c-stores in 16 countries. During 2013, 7-Eleven c-stores generated total worldwide sales close to $84.5 billion.