SARASOTA, FL – (RealEstateRama) – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of a single-tenant 7-Eleven gas station and convenience store in Sarasota, Florida. The sale price was $2.28 million, representing a cap rate of 5.0%.
Hanley Investment Group Executive Vice President Jeremy McChesney and Associate Andrew Sprowl represented the seller, a private investor from Los Angeles. The buyer, a private investor from New Hampshire, was represented by Jeremy Black of Horvath & Tremblay in Lynnfield, Massachusetts. “We generated multiple offers and procured an all-cash buyer represented by a cooperating broker on the first day of formally marketing the property,” said McChesney. “It was a 20-day escrow from start to finish and we closed at 100% of the asking price.”
Located at 6886 East 15th Street in Sarasota, the 2,612-square-foot store is situated on .51 acres at the signalized intersection of 15th Street and Whitfield Avenue with average daily traffic volume exceeding 28,000 cars per day. There are 172,691 people within a 5-mile radius of the property and the Sarasota–Bradenton International Airport is 3.1 miles away.
Built in 1975, 7-Eleven has a 44-year operating history at this location. “This is a strong performing, seasoned location with above-average-sales volume in an income-tax-free state, which are all very appealing factors to an investor,” McChesney said. “7-Eleven also has an absolute, triple-net lease, which means little to no landlord responsibility since the tenant pays for all of the operating expenses, property taxes, utilities, building insurance premiums, maintenance and repairs; not the investor, which investors like.”
McChesney continues, “7-Eleven had also recently extended its lease demonstrating its continued commitment to the location.”
McChesney has completed the sale of nearly 40 7-Eleven properties in over 48 months and has additional 7-Eleven investment properties listed for sale or in escrow located throughout the U.S. including a new construction 7-Eleven store and fuel station in Bakersfield, California listed for sale for $6,125,000 and an existing 7-Eleven convenience store and fuel station investment in Lakeland, Florida listed for sale for $4,656,000. Earlier in the year, McChesney arranged the sale of a 2,954-square-foot 7-Eleven in Orlando, Florida at 2480 Jetport Drive. The sale price was $3,975,000.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ 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.
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