Hanley Invesment Group Arranges Deals for Three 7-Eleven Properties
- Aug 03, 2016
Los Angeles and Orlando—Hanley Investment Group Real Estate Advisors recently announced the completion of three transactions involving 7-Eleven stores in the states of California and Florida. All three deals were handled by Senior Vice President Jeremy McChesney. The properties traded hands at record low cap rates for comparable assets.
Two of the retail properties are located in Los Angeles County. The first property is located at 4436 Sepulveda Blvd. in Culver City, Calif. The four-year-old property offers 1,481 square feet of space on a 0.28-acre lot. The 7-Eleven traded for $2.7 million, which equates to a per-square-foot price of $1,823 and a cap rate of 3.6 percent.
The second L.A. property is located at 5870 Del Amo Blvd. in Lakewood, Calif. The 33-year-old, two-tenant building offers 4,960 square feet of space on a 0.46-acre site near the signalized corner of Del Amo Boulevard and Woodruff Avenue. The property traded hands for $3.3 million at a cap rate of 4.25 percent.
The third property is located at 8499 S. John Young Parkway in Orlando, Fla. Totaling 2,950 square feet of space, the 7-Eleven gas station traded hands for a total of $4.5 million, reflecting a cap rate of 5.5 percent. The per-square-foot price was $1,525.
Following the three deals, McChesney has now sold 15 7-Elevens in the last 16 months, making him the agent with the most such sales in the country during that interval. “All three properties had attractive fundamentals including high-profile, high traffic, signalized locations, great proximity, ease of access to major thoroughfares, and good demographics,” McChesney noted.