The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased 7-Eleven property located at 1 Commerce Pkwy in Fredericksburg, Virginia for $3,200,000.
The 2,940 square foot 7-Eleven is located at the corner of a signalized intersection with excellent visibility along Highway 17 (39,000 VPD). Highway 17 is a primary east-west thoroughfare and the property is also immediately off of Interstate 95 (136,370 VPD). The 7-Eleven property is located in a thriving retail corridor with Walmart, Target, Lowe’s, Giant Food, Lidl, ALDI & Weis Markets. The property is also located by Manheim Auctions which registers approximately 2,700 cars for sale each week. There are 69,895 people living within five miles of the property with an average household income of $95,824. Within three miles, the population is projected to grow 2.85% annually over the next five years. Fredericksburg is located 53 miles south of Washington, D.C. and 58 miles north of Richmond.
Randy Blankstein and John Feeney of The Boulder Group represented the seller and the buyer in the transaction. The seller was an east coast based real estate fund and the purchaser was a northeast based investor.
7-Eleven signed a lease extension in 2019, which now expires June 30, 2032. The lease is an absolute triple net featuring a 10% renal escalation in July 2027 and 10% rental escalations in each of the three 5-year renewal option periods. There are eight gas pumps on the large 1.91 acre site. 7-Eleven is the world’s largest convenience store chain operating, franchising and licensing more than 64,319 stores in 18 countries. 7-Eleven is also one of the nation’s largest independent gasoline retailers and was ranked #1 by Entrepreneur Magazine in the 2017 annual “Franchise 500” ranking.
“Single tenant 7-Eleven properties continue to garner significant interest amongst private investors” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Investors are attracted to these investments due to the strength of 7-Eleven’s credit.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2018, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: http://www.bouldergroup.com/NNN-Properties-For-Sale.html