SRS Real Estate Partners announced today it has completed the $9.13 million sale of a newly developed 7-Eleven property located at 1223 Finley Avenue in Davenport, FL (Orlando MSA).
SRS Capital Markets Executive Vice President and Managing Principal Patrick Nutt and Senior Vice President William Wamble who are based in Florida represented the seller, a Florida-based private developer. The all-cash buyer was a Michigan-based private investor who was in a 1031 exchange.
Situated on 1.44 acres, the property has a new 15-year absolute triple net, corporate-guaranteed lease in place with scheduled rent increases and options for 7-Eleven to extend the lease.
“This new construction 7-Eleven is situated at the entrance of Champions Station, a 14-acre mixed-use development designed to serve the needs of the rapid residential expansion along the US27 and 4-Corners market,” said Nutt. “This store appealed to the national investor as it is not only well-positioned in a high-growth submarket of Orlando but is also just 15 miles from Walt Disney World Resort as well as a number of other vacation resorts, which creates a consistently strong residential and tourist customer base.”
Over the past 18 months, SRS has sold a total of 33 properties occupied by 7-Eleven valued at $242 million with the average cap rate of 5.27%. Additionally, SRS has 24 7-Eleven assets currently in escrow or on the market totaling a value of approximately $160 million. All the assets are single-tenant properties with 12 or more years remaining on the lease term.
“For investors looking to maximize the benefits of bonus depreciation and mitigate taxes, 7-Eleven offers the best credit of net lease tenants across the C-store and car wash sector,” added Nutt.
Founded in 1927, 7‑Eleven is the world’s largest convenience retailer and is a global brand with more stores than any other retailer in the world – more than 84,000 across 20 countries, according to its website. Earnings in 2023 were reported at $2 billion.
Year to date, SRS Capital Markets has completed approximately $731 million in deal volume comprised of 182 transactions in 34 states. SRS currently has in excess of 698 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.