West Palm Beach, FL—June 10, 2015—Ryan Barr and Ryan Bennett, Principals at Lee & Associates, one of the largest national commercial real estate providers with regional expertise, represented the seller on the $2,990,000 investment sale of a 7 Eleven convenience store with gas that traded at a 5% capitalization rate. The property was located at 1733 South Congress Avenue in West Palm Beach, Florida. This 2,682 SF building was originally built in 1986 but was remodeled in 2015 with the tenant signing a new 10 year triple-net (NNN) lease. The property is ideally situated on the signalized hard corner of the highly trafficked Congress Avenue and Forest Hill Blvd., where the combined traffic counts reach nearly 80,000 cars per day.
The Buyer was a Chicago based private trust that was in a 1031 tax deferred exchange with plans to hold the asset long term. “This particular investment essentially checked all the boxes for the buyer with the infill hard corner location, investment grade credit tenant, income tax free state, and long term triple-net lease” said Bennett.” It really boils down to this investment commanding a premium due to a lack of similar quality triple-net (NNN) assets available today in desirable markets like West Palm Beach” said Ryan Barr.