Investment Offering
Bradenton, FL - 7-Eleven
7305 State Rd 70 E | Bradenton, FL 34203
$5,704,000
Price4.8%
Cap Rate$273,783
NOI4,350
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, corporate guaranteed, 7-Eleven investment property located in Bradenton, Florida (Tampa MSA). The tenant, 7-Eleven, Inc., recently signed a brand new 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for an out of state investor. The property was previously a Marathon branded gas station with convenience store which 7-Eleven purchased (business portion only, not the real estate) and is remodeling to their specifications. The site is expected to have its grand opening in June 2019.
Location
The subject property is located at the hard corner intersection of 73rd Lane E. and E. State Road 70 (51,000 VPD), a primary retail thoroughfare traveling through the city of Bradenton. In addition, the site is within close proximity to Interstate 75 (102,500 VPD), with direct on/off ramp access to the dominant north/south highway traveling along Florida’s west coast. 7-Eleven is strategically positioned at the only main entrance point to Creekwood Crossing along E. State Road 70, with excellent visibility and access for customers. Creekwood Crossing is a 417,000 SF, Lowe’s Home Improvement, Big Lots, and Bealls anchored shopping center, with other notable tenants including Dollar Tree, Great Clips, Chick-Fil-A (pad), Starbucks (pad), and more. Across the street from the asset is Twelve Oaks Plaza, a Publix Super Market anchored center further promoting consumer shopping to the area. A 24-hour Walmart Supercenter is located just east across Interstate 75 and other nearby national/credit tenants in the area include Aldi, Anytime Fitness, Goodwill, Sherwin-Williams, CVS, and more. The 5-mile trade area is supported by a population of over 115,000 residents with a healthy average household income of $95,800. The immediate 1-mile trade area boasts an even higher average household income of $103,000.
Contact
Patrick Nutt
Sr Managing Principal & Co-Head of National Net Lease
954.302.7365954.302.7365[email protected]FL #: BK3120739