Hanley Investment Group Real Estate Advisors recently facilitated the sale of a newly constructed property in San Bernardino, which houses a 7-Eleven convenience store with Laredo Taco Company and gas station. The property sold for $7,726,613 at one of the lowest cap rates seen in California for a single-tenant 7-Eleven priced over $7 million within the past year.
EVPs Bill Asher and Jeff Lefko represented Glendale-based developer Chase Partners Ltd., while ASU Commercial’s Jeff Leggio represented the private investor buyer from Bakersfield.
According to Asher, they were able to secure an all-cash 1031 exchange buyer through their broker network and negotiated a quick two-week due diligence period with just a 40-day escrow to meet the buyer’s exchange requirement.
The new-format property was built in 2023 and features a larger-sized convenience store spanning over 4,000 square feet on approximately an acre of land. This particular location is among one of Southern California’s first new-format properties to be sold.
