Detroit, MI (February 26, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $3.99 million sale of a freestanding, 2,956-square-foot retail property and gas station with 12 premium pumps, fully occupied by 7-Eleven. Located at 5201 Chamberlayne Avenue in Richmond, VA, the property completed construction in late 2019 and has a new, 15-year corporate-guaranteed lease in place with 7-Eleven, Inc.
SRS National Net Lease Group’s First Vice Presidents Frank Rogers and Michael Carter represented the seller, a Richmond-based merchant developer. The buyer, an East Coast-based private investor who was in a 1031 exchange, was represented by Gardner King of Dominion Commercial.
“This new 7-Eleven property offers the buyer long-term, stable cash flow from a globally recognized brand,” said Rogers. “We garnered a number of offers from private investors spanning from California to the mid-Atlantic and sold the asset at a premium cap rate for our client.”
Situated on 1.24 acres, the property is well-located at a signalized intersection of Chamberlayne Ave. and Azalea Ave., which sees more than 32,000 cars per day. It is also just .6 miles south of Interstate 95 and is directly across the street from Brookhill Azalea, a shopping center that includes Food Lion, Aaron’s and Dollar Tree and is within a retail corridor with a dense population of more than 233,000 residents within a five-mile radius.
SRS’ National Net Lease Group, with more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide.