Strong Corporate Lease Guaranty – Investment Grade Credit Tenant (S&P: AA-) – $14.33B in Sales (2017) – The property is leased to 7-Eleven Inc. 7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises or licenses more than 66,000 stores in 17 countries, including 11,800 in North America. 7-Eleven ranked #2 on Entrepreneur magazine’s 2018 Top Global Franchises List and #32 on the Stores magazine’s Top 2018 Retailers, and reported revenues of $14.33 Billion in 2017.
21+ Year Successful Operating History – New 10 Year (Early) Lease Extension – Commitment to Location – Absolute NNN Lease (Zero LL Responsibilities) – 7-Eleven has successfully operated at this signalized hard corner location for over 21 years and just extended their lease (Sept 2018) for an additional 10 years (early), demonstrating long term profitability and a commitment to the site. The Absolute Triple-Net (NNN) feature of the lease offers an investor with a safe and creditworthy passive investment with rent growth .
Located on Hard Corner Intersection – Excellent Visibility & Access – Half Mile to Highway 101 (59,000+ CPD) – The 7-Eleven is ideally located on the hard corner intersection of N. Main Street & Lamar Street, offering visibility to 11,000+ cars per day and multiple entrances from both Lamar St & N. Main St providing for easy in/out access. Additionally, the property is located just a half mile from Highway 101 (traffic counts of 59,000+ CPD), offering quick access to nearby Monterey and the Pacific Ocean.
Dense Residential Area (45,000+ HH Within 5 Miles) – Proximity to Nearby Norhridge Mall, Harden Plaza, Boronda Crossing Shopping Center – Outstanding Retail Synergy – The subject property is located in a dense residential area with over 45,000 households within a 5-mile radius. The property is located less than a mile from Northridge Mall, with anchor tenants Macy’s, JCPenney, and Century Theaters, as well as national tenants H&M, Best Buy, DSM, and Ulta; Harden Ranch Plaza anchored by Walmart Supercenter and Target, with co-tenants including Safeway, Pier 1 Imports, Michael’s, Ashley HomeStore, Marshalls, and Party City; and Boronda Crossing, just across Highway 101 @ Boronda Rd, anchored by Home Depot and Kohl’s.
Proximity to Coastal City of Monterey, the Pacific Ocean, Carmel – Busy Tourist Destinations – The subject property is located just 20 miles northeast of the coastal city of Monterey, and 10 miles east of the Pacific Ocean. Monterey is approximately 115 miles south of San Francisco and 350 miles north of Los Angeles. Monterey is known for its abundance and diversity of marine life, and an approximate 4 million visitors come to Monterey to see the sea lions, sea otters, harbor seals, pelicans and dolphins that inhabit the area. The area’s diverse attractions, dramatic coastline, historic architecture, and access to marine wildlife all combine to drive this economic component.
Located in Agriculture Dominant Salinas – Diverse Economy – Home to Major Manufacturing Companies – The subject property is located in Salinas, the county seat of Monterey County, and the agricultural jewel of the Salinas Valley. Located just 10 miles east of the Pacific Ocean, the area’s marine climate fuels a $2 billion agriculture industry, supplying 80% of the country’s lettuce and artichokes, along with many other crops. While agriculture/farming are the largest employers in the area, the Salinas Valley has proven its diversity with an outstanding healthcare industry, strong ‘foodie’ draw, and 100 manufacturing companies such as Fastenal, ProBuild, Dole, Grainger, TechPro, and Markon.