SAN DIEGO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of three single-tenant net-leased assets in Texas.
Combined, the assets, which are 7-Eleven convenience stores located in the Dallas/Fort Worth Metroplex, traded for $6,400,000.
Alvin Mansour (middle right photo), a senior vice president and senior director of Marcus & Millichap’s National Retail Group (NRG), represented the seller, a local developer in the portfolio sale.
“Single-tenant net-leased assets in prime locations remain in high demand, even as the economy encounters a soft patch,” says Mansour.
“The buyer sold his steel company for $100 million in a 1031 exchange for the portfolio, which commanded $6.4 million in an all-cash deal that closed within six days of a signed contract. These are excellent long-term investments: Each of the properties has 15-year corporate-backed leases remaining,” he says.
“In addition, convenience stores in infill locations remain highly sought-after among investors. Cap rates will continue to compress for these assets as many national retailers like 7-Eleven continue to pursue plans for expansion and new construction of product in the next 18 months,” notes Mansour.
The 7-Eleven portfolio commanded $6.4 million and includes:- · 9235 John W. Carpenter Freeway in Dallas – $2,217,090
- · 1908 Yucca Ave. in Fort Worth, Texas – $2,143,187
- · 100 East Interstate 20 in Arlington, Texas – $2,039,723
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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