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7-Eleven $19.5 Million Portfolio For Sale In Michigan

By CSD Staff | October 2, 2013

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Eight of the 11 sites have 15-year leases.

The Issenberg-Britti Group of Marcus & Millichap Real Estate Investment Services, has been appointed as the exclusive advisor for the sale of 11  7-Eleven Corporate Gas Station Ground Leases located throughout the state of Michigan.

The ground leases are all held by and guaranteed by 7-Eleven Inc. The price is set at $19.5 million.

Ronnie Issenberg, vice president investments, and Gabriel Britti, associate vice president investments, of Marcus & Millichap’s Miami Office, are representing the seller, a Miami-based investment group.

“Eight of the 11 sites have 15-year leases. In this marketplace, with extremely limited inventory, long-term corporate leases are very desirable to the investment community. In the fourth quarter of 2012, we noticed a 40% uptick in our velocity of closings. We timed the release of this portfolio to coincide with the velocity of the fourth quarter,” said Britti.

“The portfolio is 100% occupied with absolute-net ground lease structures and 10-12.5% increases every five years with corresponding 10-12.5% increases in the option period renewals,” said Issenberg.

The properties are all located in Michigan at high-traffic, high-exposure primary intersections in Chesterfield, Clinton Township, Howell, Lenox Township, Macomb, Romulus, Shelby Township and Warren.

 

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  • Home
  • Today on CSD
  • Categories
    • CBD
    • Foodservice
    • Fuel & Gas
    • Health & Beauty
    • Independent Operators
    • Operations & Marketing
    • Technology
  • CStore Playbooks
    • CBD Playbook
    • Foodservice Playbook
    • Technology Playbook
    • Alcoholic Beverage Playbook
    • Tobacco Playbook
  • Products
    • Hot New Products Contest
    • Beverages & Cold Vault
    • Candy, Gum & Mints
    • Snacks
    • Tobacco
  • Resources
    • Digital Issues
    • Research & Downloads
    • Podcasts/How To Series
    • On Location
    • FAQ
    • 2022 Top 111 Chains
    • Leaders in Convenience
    • Rack Prices
    • Sponsored Content
    • Videos
    • Webinars / Digital Events
    • White Papers
  • Events
    • 2021 Chain of the Year
    • Convenience Directions
    • NAG Convenience Conference
    • Young Executive Organization
  • Join
    • National Advisory Group
    • Safe Shop Assured
    • Young Executive Organization