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Follow on Google News | Hanley Investment Group Completes Three Single-Tenant 7-Eleven TransactionsJeremy McChesney of Hanley Investment Group 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. "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. Built in 1987, the 2,464-square- "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. Built in 1977, the 2,450-square- "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. 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- "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. 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. About Hanley Investment Group 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.hanleyinvestmentgroup.com. End
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