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Long Term Lease with Investment Grade Corporate Guaranty -The lease is guaranteed by 7-Eleven (NYSE: SE), the leading convenience retailer in the United States, with a Standard & Poor’s credit rating of AA-. There are 10+ years remaining on the lease, which has minimal landlord responsibilities.
Excellent Rent Growth -The lease features 10% rental escalations every 5 years in the primary term and renewal options.
Strategic Hard Corner Location/Retail Synergy -The subject property sits on the hard signalized corner of S. Congress Avenue & Forest Hill Blvd, which see 78,000 cars per day combined. Nearby neighbors include Walgreens, CVS, TD Bank, Winn-Dixie, Family Dollar, Subway, Advance Auto, and Boost Mobile.
Highly Desirable Coastal Florida Location -More than 2 million people visit Palm Beach County annually, spending approximately $3 billion. In addition, tourism accounts for over 53,000 jobs. Referred to as the “Golf Capital of the World”, Palm Beach County offers 150 public/private golf courses. Specifically, there are 13 coursers within 5 miles of the subject property.
Infill Location/Strong Demographics – Infill location with nearly 137,000 people within a 3 mile radius and an average household income of nearly $64,000 within a 1 mile radius. West Palm Beach housing demand is strong, with home values up 16.8% over the past 12 months.