IRVINE, Calif. — Four single-tenant 7-Eleven convenience stores in New York State have changed hands for a total of nearly $3 million.
"Investor demand remains high for quality single-tenant retail properties," said Jeremy McChesney, senior vice president of Irvine-based Hanley Investment Group. "And with the lack of high-quality single-tenant inventory, these four sales are representative of West Coast capital moving east in search of a better return."
In addition to the properties sold, McChesney has two other 7-Eleven stores on the East Coast in escrow, and two others are available for purchase.
McChesney negotiated the sale of two 7-Eleven stores in Buffalo, N.Y., working with the same buyer, a private investor from Tacoma, Wash., and the same seller, a local investor from Buffalo. The properties — a 2,835-square-foot store on a 0.26-acre parcel and a 2,842-square-foot store on a 0.47-acre parcel — sold for $800,000 each.
The broker also negotiated the sale of a third 7-Eleven store in Buffalo. That convenience store, which sits on a 0.36-acre parcel, sold for $851,000. Michael Chow of Jones Pacific Land Co. in San Francisco represented the buyer, a private investor from the San Francisco Bay area. McChesney represented the seller, a local private investor from Buffalo.
In addition, McChesney negotiated the sale of a 2,080-square-foot 7-Eleven store in South Wales, N.Y. The store, which sits on a 1.35-acre parcel, sold for $525,000. Chow represented the buyer, a private investor from San Francisco, and McChesney represented the seller, a private investor from Hermosa Beach, Calif.
In 2014, McChesney sold multiple 7-Eleven single-tenant investments including stores in Norfolk, Va.; Capitol Heights, Md.; and Santa Barbara, Calif.
"With an AA- credit rating and zero land responsibilities, single-tenant 7-Eleven stores continue to be one of the most highly sought-after retail investments in today's market. These sales highlight the strong appetite investors have for high-quality, investment grade net-lease properties and investors' willingness to look in major metros across the country," McChesney said.