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| 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 net‐lease portfolio consisting of 12 corporate, freestanding 7‐Eleven 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 7‐Eleven image.
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| Russell Wachtler |
7‐Eleven 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 20‐year 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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