Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 7-Eleven, a newly constructed location featuring a car-wash prototype in Groveland, Florida. According to Justin W. West, regional manager of the firm’s Orlando office, the asset sold for $4,097,000.
The 3,500-square-foot convenience store and car wash is located at 711 E Broad Street. The new store was built in 2021 and sits on 2.40 acres (about the area of a Manhattan city block) of land.
“With tremendous residential growth taking place throughout the Groveland and Clermont markets, we saw this property as an immense win for the buyer,” said Andrew Jaworski, senior associate in Marcus & Millichap’s Orlando office. The buyer, a limited liability company, based in Tallahassee, was secured and represented by Jaworski.
“Having sold this family’s two Advance Auto Parts stores earlier in the year, we were lucky enough to carry a strong relationship post-closing, with them asking us to represent their interests on the acquisition of their 1031 exchange,” said Jaworski. “Knowing the profile of properties that they wanted to acquire in the current position of the market made it a bit hectic; however, this 7-Eleven was the perfect fit being new-construction in a growing corridor of Central Florida. As with any new property, there were some bugs to work out concerning construction corrections and lease structure.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
