A single-tenant 7-Eleven convenience store and gas station in Clovis has changed hands in a $5 million transaction, with the sale structured to accommodate a 1031 exchange buyer. The property is occupied by 7-Eleven under an absolute triple-net lease, with the tenant responsible for all property-related expenses, and is positioned as part of a grocery-anchored setting that supports strong daily-needs traffic.
Hanley Investment Group Real Estate Advisors brokered the sale of the fee-simple asset, which is located at 394 W. Ashlan Ave. in Clovis. Vice President Jacob Fahner and Executive Vice President Jeremy McChesney of Hanley Investment Group represented the seller, described as a private investor based in Los Angeles. The buyer, a private investor completing a 1031 tax-deferred exchange and based in Bakersfield, was represented by Jeffrey Leggio of ASU Commercial, also located in Bakersfield.
Fahner noted that the Clovis 7-Eleven asset combined several elements that appealed to private capital. He cited its eligibility for 100% bonus depreciation at a $5 million price point, together with the structure of a true absolute triple-net lease, as factors that supported investor interest. He also pointed to the store’s performance and the strength of the grocer anchor as contributing to the investment thesis and to execution on pricing and terms.
The transaction contributes to a broader run of activity for Hanley Investment Group in the convenience store and gas station segment. Over the past 12 months, the firm has closed more than $60 million in corporate-backed convenience store and gas station sales across California. Within that context, the Clovis 7-Eleven deal illustrates continued demand from private 1031 exchange buyers for small-format, net-lease assets with predictable cash flow and tax-advantaged treatment, particularly when deal attributes are clearly communicated to the market.
The sale underscores ongoing investor interest in net-lease convenience retail assets that pair brand-name tenancy with strong operating fundamentals. For the parties involved, the transaction allowed the seller to exit at a defined price point while enabling the Bakersfield buyer to place 1031 exchange proceeds into a stabilized, income-focused property with clearly defined lease obligations.
