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| Jerry McChesney |
CORONA DEL MAR, CA -
Hanley Investment Group Real Estate Advisors, a nationally-recognized real
estate brokerage and advisory firm specializing in retail property sales,
announced that Executive Vice President Jeremy McChesney has completed the sale
of three 7-Eleven stores.
With these three recent transactions, McChesney has
sold 20 7-Elevens in the last two years, the most 7-Elevens sold by any
individual in the U.S. during this period.
“These three sales
highlight the demand California-based investors have for high quality,
investment-grade net-lease properties and their continued willingness to look
in major metros across the country to find them,” said McChesney.
7‑Eleven is the world’s
largest convenience store chain operating, franchising and licensing stores in 18 countries. Some 10,500
of the 56,600 7‑Eleven stores worldwide are in North America.
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| 7-Eleven, 3725 S. Park Avenue, Buffalo, NY |
“All three properties have
desirable corporate-backed absolute triple-net leases,” said McChesney. “The
properties also have great fundamentals including high-profile corner
locations, great proximity, ease of access to major thoroughfares and strong
demographics.”
McChesney explains, “A
true absolute triple-net lease means that the tenant is responsible for all
expenses associated with owning the property and the landlord has zero
obligation. This means the tenant, like 7-Eleven, has to pay for all of the
operating expenses, property taxes, utilities, building insurance premiums,
maintenance and repairs; not the investor.”
In Norfolk, Virginia,
McChesney completed the sale of a single-tenant corporate-guaranteed absolute
NNN 7-Eleven at 5200 Colley Avenue in Norfolk in an off-market transaction.
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| 7-Eleven, Colley Avenue and West 52nd Street, Norfolk, VA |
Built in 1987, the
2,464-square-foot 7-Eleven building is situated on a .23-acre parcel at the hard
corner intersection of Colley Avenue and W. 52nd Street.
The 7-Eleven has over
five years remaining on the primary term of the lease with no remaining
options. The purchase price was $630,000, representing a 6.35 percent cap rate.
McChesney represented the all-cash buyer, a
private investor from the San Francisco Bay area, and the seller, Sam Partners,
LLC of Virginia Beach, Va.
“This is the second
7-Eleven property sale that Hanley Investment Group has completed on behalf of
the buyer in recent years,” said McChesney.
In University City,
Missouri, McChesney negotiated the sale of a single-tenant corporate-guaranteed
absolute NNN 7-Eleven with nine years remaining on the primary term of the
lease at 8159 Olive Boulevard in University City.
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| 7-Eleven, 8159 Olive Boulevard, University City, MO |
Built in 1977, the
2,450-square-foot 7-Eleven building is situated on a .50-acre parcel at the
signalized intersection of Olive Boulevard and 82nd Boulevard.
The purchase
price was $925,000, representing a 6.49 percent cap rate. The buyer, a private
investor from Los Angeles, Calif., was represented by Matt Waterman of Pegasus Investments in Encino, Calif. McChesney
represented the seller, Equitas Investments of Hermosa Beach, Calif.
“We were able to procure
over seven offers for the property, and get the buyer comfortable with
environmental conditions currently present at the property,” said McChesney.
“We negotiated a short due-diligence period and a large non-refundable cash
deposit.”
According to McChesney,
this is a high-performing location with a rent-to-sales ratio below 5 percent
at a signalized hard corner. “We have completed multiple 7-Elevens transactions
over the past 12 months for this Los Angeles-based seller,” McChensey
added.
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| Jeff Lefco |
In Buffalo, New York,
McChesney completed the sale of a single-tenant corporate-guaranteed absolute
NNN 7-Eleven with four years remaining on the primary term of the lease at 3725
S. Park Avenue in Buffalo.
Built in 1991, the
3,100-square-foot 7-Eleven building is situated on a .52-acre parcel at the
signalized intersection of S. Park Avenue and Lake Avenue. The purchase price
was $900,000, representing a 5.99 percent cap rate.
The all-cash buyer, a
private investor from Granada Hills, Calif., was represented by Hanley
Investment Associate Jeff Lefko and
Executive Vice President Bill Asher.
McChesney represented the seller, Equitas Investments of Hermosa Beach, Calif.
“This is an established
location with a 30-year operating history. We leveraged our investor-client
relationships within Hanley Investment Group to source the buyer in-house,”
said McChesney. “We were able to negotiate a large non-refundable deposit, a quick
10-day due diligence period, and a 21-day close.”
McChesney expects sales
volume for single-tenant 7-Eleven net-leased investments to stay strong in
2017. “With an AA- credit rating, zero
land responsibilities and a shortage of alternative single-tenant retail
investments, single-tenant 7-Eleven stores will continue to be one of the most
highly sought-after retail investments in today’s market,” McChesney said.
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| Bill Asher |
McChesney has multiple
7-Eleven properties available for sale including a high-profile 7-Eleven in Los
Angeles as well as assets in Buffalo, New York; Saint Louis, Missouri; and
Lakewood, Ohio.
Hanley Investment Group
Real Estate Advisors is a retail investment advisory firm with a $5 billion
transaction track record nationwide, who works closely with individual
investors, lending institutions, developers, and institutional property owners
in every facet of the transaction to ensure that the highest value is achieved.
For more information, visit www.hanleyinvestment.com.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
