Convenience store companies are not just in the retail business, but also heavily involved in real estate. In fact, purchasing and selling strategically located parcels can often yield higher profits than simply selling beverages and snacks. A prime example of this is the recent sale of a 7-Eleven store in Nashville.
According to the Nashville Business Journal, a developer from Nashville paid $31 million for a downtown 7-Eleven location. The convenience store giant had originally purchased the 1.18-acre property at 1101 Broadway for $7.85 million back in January of last year.
Endeavor Real Estate, based out of Texas and known for developing mixed-use properties anchored by popular retailers such as Whole Foods, acquired this downtown property. The site sits across from their previously developed tower featuring Whole Foods as its anchor tenant and is within walking distance to two residential highrises owned by Endeavor Real Estate as well.The company has plans to build an upscale hotel and residential tower on another nearby corner at 12th Avenueand McGavock Street; coincidentally right next door to their newly acquired 7-Eleven property.
The purchase price was reported exclusively through Connect CRE’s news platform without mentioning any specific names or brands associated with it.
