The Capital Markets team at SRS Real Estate Partners in Newport Beach has successfully sold 33 properties occupied by 7-Eleven over the last year and a half, totaling $242 million with an average cap rate of 5.27%. Currently, there are also 24 additional assets either in escrow or on the market for a combined value of approximately $160 million. These single-tenant properties have lease terms of at least 12 years remaining.
According to Patrick Luther, Executive Vice President and Managing Principal at SRS, despite the current higher interest rate environment, cap rates for these stores have remained stable. In comparison to other credit tenants such as drug store and coffee brands, there is a higher absorption rate for these assets without any decline in value or increase in cap rates due to their strong credit rating and prime locations that attract high traffic.
SRS has successfully sold multiple 7-Eleven properties across various states including California, Colorado Connecticut Florida Nevada New York New Jersey North Carolina South Carolina Oklahoma Tennessee Texas. The company currently has listings available in California Florida New Jersey North Carolina South Carolina Tennessee Texas.
