Friday, January 24, 2014

$30 Million, 12-Property 7-11 Portfolio Sale Arranged by Marcus & Millichap in Willoughby, OH

  
7-11, Willoughby, OH


Glen Kunofsky
NEW YORK, Jan. 23, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 12-property 7-Eleven store and gas station portfolio located in Ohio.

            Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office advised the buyer and seller, both large institutions.

            Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices is Marcus & Millichap’s broker of record in Ohio.

Russell Wachtler
            “The institutional market for net-leased assets continues to be extremely strong,” says Wachtler. “The strong corporate credit of 7-Eleven, combined with the annual rental increases, created a very competitive bidding environment for the portfolio.”

            “There was a significant amount of upside for investors related to site renovations at each location, post portfolio acquisition,” says Kunofsky. “All of the properties are in excellent locations with great visibility and will be completely remodeled and branded to meet new standards for 7-Eleven.”     

Michael Glass
            7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.

Outside of the U.S. and Canada, there are more than 41,600 7-Eleven and other convenience stores in Australia, China, Denmark, Indonesia, Japan, Malaysia, Mexico, Norway, Philippines, Singapore, South Korea, Taiwan, Thailand and Sweden.

For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
(925) 953-1716

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