7-Eleven
| Price | $4,316,000 |
| Cap Rate | 4.75% |
| NOI | $205,000 |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot. |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2020 |
| Building Size | 4,750 SF |
| Lot Size | 1.75 Acres (76,394 SF) |
| Status | Under Contract |
| Lead Broker Information | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE
» 7-Eleven, Inc. is an investment grade tenant with a “AA-” rating from Standard & Poor’s
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor
» New 2020 construction built to latest 7-Eleven prototype, featuring six fuel pumps and a freestanding C-store
» New 15-year absolute NNN lease with five (5) five (5) year options
» 7-Eleven is the largest convenience retail chain in the world, with more than 67,000 stores worldwide
» August 2020 grand opening
INFILL LOCATION ACROSS FROM GRAND TEXAS THEME PARK
» High-visibility location across from Grand Texas Theme Park, a 632-acre combined water and adventure theme park
» Grand Texas features Gator Bayou Adventure Park and Big Rivers Waterpark (500,000+ visitors in opening year of 2019)
» Shopping, dining, and hotels are currently under construction or in planning at Grand Texas, including a future H-E-B, Marriott Fairfield Inn, Grove Factory Outlets, and more
» Grand Texas will also feature Grand Texas Storage, Grand Texas Sportsplex, and Grand Texas Theme Park
» Adjacent to SpeedSportz Racing Park and Grand Texas RV Resort Park
LOCATED IN A POPULOUS, AFFLUENT, AND GROWING RETAIL CORRIDOR
» High-traffic location along State Highway 242, a major east-west New Caney thoroughfare (10,053 AADT)
» Immediate access to Interstate 69 (71,358 AADT), greatly increasing visibility to the site
» Average annual household income of $94,830 within one mile of the location
» Population of 34,516 within a five-mile radius of the location, creating a large customer base for the site
» Projected 18 percent average annual household income increase within a one-mile radius of the site in the next five years, poising 7-Eleven and New Caney for concurrent growth
» Designated opportunity zone
Property Description
The property has an infill location across from Grand Texas Theme Park, a 632-acre combined water and adventure theme park. Grand Texas features Gator Bayou Adventure Park and Big Rivers Waterpark, which attracted 500,000+ visitors in its opening year of 2019. Shopping, dining, and hotels are currently under construction or in planning at Grand Texas, including a future H-E-B, Marriott Fairfield Inn, Grove Factory Outlets, and more. Grand Texas will also feature Grand Texas Storage, Grand Texas Sportsplex, and Grand Texas Theme Park. The location also maintains immediate access to SpeedSportz Racing Park and Grand Texas RV Resort Park.
Visibility to the property is increased by the site’s centralized location in a densely populated, affluent, and growing retail corridor. The site is located along State Highway 242 (10,053 AADT), a major east-west New Caney thoroughfare. The site also maintains immediate access to Interstate 69 (71,358), greatly increasing visibility to the site. 34,516 residents live within a five-mile radius of the location, establishing a large regular customer base for the site. The property resides in a robustly affluent area, with an average annual household income of $94,830 within one mile of the location. The property is primed to grow along with the surrounding area, with a projected 18 percent average annual household income increase within one mile of the site in the next five years.
