Saturday, August 15, 2015

Marcus & Millichap Brokers $35.3 Million 7-Eleven Portfolio Sale


Glen Kunofsky
NEW YORK, NY  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 29,813-square-foot netlease portfolio consisting of 12 corporate, freestanding 7Eleven convenience stores in Ohio.

The total sales price for the portfolio is $35,329,302, which equates to $1,185 per square foot.

            Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office, along with Mike James in the firm’s Encino, Calif. office, represented the seller. Michael Glass, first vice president and regional manager of Marcus & Millichap’s Cleveland office, is the firm’s broker of record in Ohio.

            The properties are located in dense retail corridors in suburban real estate markets surrounding the Cleveland MSA. 

The locations were previously occupied by another tenant and in 2013 significant capital was allocated to convert the stores to the latest 7Eleven image. 

Russell Wachtler
7Eleven has 8,600 stores in the United States and Canada and more than 54,200 locations worldwide. 

There are approximately 14-plus years remaining on each of the leases, which are all 20year absolute triple-net leases with 2 percent annual rental increases.

“The strong corporate credit of 7-Eleven combined with rare annual rental increases demanded a record-setting cap rate for the portfolio,” says Wachtler.

 “This is a prime example of how the market for mid-sized net-lease portfolios is growing to encompass more private investors as 1031 exchanges grow in dollar size, which has created a more competitive cap rate for portfolios above $25 million,” says Kunofsky.



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

Gina Relva
Public Relations Manager

(925) 953-1716

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