(Wilmette, IL- August 18, 2018) – RealEstateRama – The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased 7-Eleven property located at 270 Broad Street in Providence, Rhode Island for $3,276,496.
The 2,958 square foot 7-Eleven is located along Broad Street, a primary thoroughfare that provides direct access to downtown Providence. Broad Street experiences traffic counts of 16,500 vehicles per day. The subject property is located within close proximity to multiple residential communities, businesses, schools and universities. Classical High School and Providence Career & Technical Academy are both located immediately across the street from the property. Rhode Island Hospital, the largest hospital in the state, and Johnson & Wales University, a private university with over 16,000 students, are both located one-half mile from the property as well. The property benefits from its close proximity to Interstate 95 which experiences traffic counts of 197,800 vehicles per day. National retailers located in the immediate area include McDonald’s, Burger King, Star Market and Dunkin’ Donuts. There are over 228,700 people living within a three mile radius of the property.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; an East Coast based real estate fund. The purchaser was an Arizona based investment group.
7-Eleven signed a lease extension adding eight years to the initial term which now expires August 31, 2030. The lease is an absolute triple net and features a 5% renal escalation in September 2025 and 10% rental escalations in the three 5-year renewal option periods. 7-Eleven is the world’s largest convenience store chain operating, franchising and licensing more than 56,600 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, “E-commerce resistant retailers including 7-Eleven continue to be in high demand amongst investors.”
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 $4 billion of single tenant net lease real estate transactions. From 2012-2017, 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
The Boulder Group