Desirable Investment Grade Credit Tenant: 7-Eleven (S&P: AA-) – Largest Convenience Store Chain in the Country – The Property is leased to 7-Eleven, Inc., the largest chain in the convenience-retailing industry, operating more than 67,000 stores in 17 countries, including 10,000 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 $12 Billion in 2018. 7-Eleven has an AA- Credit Rating from Standard & Poor’s.
New Build to Suit Construction – New 15-Year NNN Lease with Rent Growth – No Landlord Responsibilities – The site is a brand-new build to suit for 7-Eleven. The 15-year triple-net (NNN) lease features 7.5% rent increases every five years in both the Primary Term and the (4) 5-year renewal options, offering stable cash flow with rent growth.
“Essential Needs Retailer” – Resistant to Covid-19 Government Mandated Shutdowns – 7-Eleven has been deemed an “Essential Needs” retailer allowing them to fully operate during the challenges of COVID-19, and allowing them to operate 100% to their capacity if there are any future COVID-19 mandated government shutdowns. This provides a future investor piece of mind knowing their tenant will be allowed to operate as they would in a world without COVID-19.
Located at On/Off Ramp to Interstate 26 (42,000 CPD) – Major Travel Corridor – The property is situated on the corner of Highway 219 & West Drive, at the on/off ramp to Interstate 26, a major travel corridor between Columbia, the capital city of South Carolina 47 miles southeast, and the cities of Greenville (66 mi) and Spartanburg (56 mi) to the northwest. This location offers quick in/out access for travelers, contributing to the success of the 7-Eleven.
Adjacent to Samsung’s New $350M Home Appliance Facility & Kiswire’s 170,000-SF Plant – The 7-Eleven is located adjacent to Samsung, Kiswire and Komatsu manufacturing plants. Samsung’s new $350-million facility employs 650 people. Kiswire recently completed Phase II of its expansion to its 170,000-SF plant, and now employs 200 employees in its two Newberry locations. Komatsu America employs nearly 200 at their Newberry location.
Located in Newberry – Area of New Development – New Industrial/Commerce Parks Bringing New Business to the Upstate Region– The subject property is located in Newberry, a city in Newberry County, South Carolina, just 43 miles northwest of Columbia. Situated between the growing cities of Columbia and Greenville, a labor force of more than half a million within a 60-minute drive ensures success, and two local higher-education institutions cultivate young talent. The surrounding area is seeing substantial new development. New projects such as the Mid-Carolina Commerce Park, the Connexial Center, and the proposed Cockrell Industrial Park, located across Highway 219 from the subject property, should bring new businesses to the region.
Newberry is located within the Upstate region, a dynamic area known for its top-ranked business climate, a world-class research environment and a superb quality of life. Situated between Atlanta and Charlotte, the Upstate is the geographical center of the Charlanta mega-region. Several large corporations have established regional, national, or continental headquarters in the area, including BMW, Lockheed, Samsung, General Electric and IBM.