A portfolio of 12 7-Eleven stores, all of which were part of small strip centers, has sold to different buyers in transactions with a combined value greater than $20 million, GlobeSt.com reported.
The 12 assets in Nevada, Texas and Virginia were acquired from the locally based 7-Eleven through all-cash deals.
Seller representative Mehran Foroughi, senior vice president in Colliers International’s Irvine, Calif., told GlobeSt.com five stores in the Dallas metropolitan area were sold to a California buyer. Meanwhile, the six stores in Virginia were claimed by three individual buyers and the lone store in Las Vegas went to the portfolio of a Dallas-based company, according to Foroughi.
“These were extremely hot properties, and we received a number of offers on them,” Foroughi, who partnered with Sam Nakhleh, vice president of Colliers Vancouver office to represent 7-Eleven Inc. told GlobeSt.com. “We didn’t have these on the market for very long until they went under contract.”
Foroughi also added that a large demand exists for single-tenant, triple-net-lease assets like the ones just sold by 7-Eleven, and that the credibility of 7-Eleven tenants helped drive interest in the portfolio.
“These assets were in good locations and had strong co-tenants,” he was quoted as saying. “Three of these in the Dallas area had Auto Zone as a co-tenant.” As for the assets that didn’t have co-tenants with national credit, “they’d been with the property for such a long time, people regarded them as stabilized tenants,” Foroughi noted.