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| 7-Eleven Convenience Store, Fort Myers, FL |
MIAMI, FL -- The recent sale of a 7-Eleven gas and
convenience store in Fort Myers, FL demonstrates cap rates for 2012
continue to fall in the fourth quarter. The property located at 10676 Colonial
Blvd., Fort Myers, FL sold for $2,360,000.
The seller was Stone 5150, LLC based in Ft. Myers, FL. The
buyer was the Milburn-Keith Family Trust based in Aptos, CA.
David Wells of the Wells Net Lease Group of Sperry Van Ness
represented both the seller and the buyer.
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| David Wells |
"For credit rated tenants with 10 or more years of
term, prices have steadily risen throughout the year as more investors are
seeking higher yields than the bond market offers and the security of the
underling real estate,” says David Wells, Managing Director of the Wells Net
Lease Group of Sperry Van Ness based in Miami.
“Cap rate compression has come down roughly 100 basis points
from the first quarter and forced buyers and sellers to constantly change value
expectations. We're now bringing deals to market 25 basis points below the cap
on this close and getting several offers."
The property is a brand new construction corporate leased
7-Eleven with a new 15-year lease. The lease has 10% rental increases every
five years and three five year options. 7-Eleven corporate is rated S&P
rated AA- Investment
grade.
For a complete copy of the company’s news release, please
contact:
David Wells
305.498.6095
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