Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a new construction, single-tenant property occupied by a 7-Eleven convenience store with Laredo Taco Company quick-serve restaurant and a gas station in San Bernardino, California. The sale price was $7,726,613, resulting in one of the lowest cap rate sales for a single-tenant 7-Eleven in California, priced over $7 million in the last 12 months.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the developer and seller, Glendale, California-based Chase Partners Ltd., a leading retail and industrial developer in California since 1993 and a preferred developer for 7-Eleven and several other national tenants. The buyer, a private investor from Bakersfield, California, was represented by Jeff Leggio of ASU Commercial in Bakersfield.
“We secured an all-cash 1031 exchange buyer through a broker relationship and negotiated a two-week due diligence period with a 40-day escrow to help fulfill the buyer’s exchange requirement,” said Asher.
Asher adds, “The buyer purchased a new larger format 7-Eleven in an outstanding location with unparalleled exposure, identity and visibility adjacent to one of the most well-traveled freeways (Interstate 10) in southern California.”
Built in 2023, the single-tenant 4,088-square-foot 7-Eleven sits on 1.25 acres at 171 East Redlands Boulevard in San Bernardino, at the signalized intersection of Redlands Boulevard and Hunts Lane.
Asher noted that the new-format, larger-square-footage 7-Eleven convenience store with Laredo Taco Company and gas station is one of the first new-format locations of this type to sell in southern California.
The property benefits from its proximity to Interstate 10 (236,000 CPD) on/off ramps and near Interstate 215 (185,000), creating easy access to the entire Inland Empire. Nearby tenants include Aldi, Home Depot, PetSmart, Burger King, Carl’s Jr., McDonald’s, Popeyes, Starbucks, and Taco Bell. The property serves commuter traffic, local communities, and numerous distribution and logistics hubs in the area, including multiple Amazon fulfillment and distribution centers with a daytime population of nearly 107,000 people.
San Bernardino is part of the Inland Empire, one of the fastest-growing regions in the nation. Over the last 30 years, the Inland Empire has grown by 78%, more than twice as fast as the rest of California during that same time period.
7-Eleven has more than 83,000 locations across 19 countries (13,000+ in the U.S.) and has more units than any other retailer or food service provider in the world. Furthermore, 7-Eleven consistently ranks as one of the top U.S. franchises.
According to the company, 7-Eleven was the first convenience store to offer ATM services and sell gas. It was also the first convenience store to remain open 24 hours a day, seven days a week.
“7-Eleven is one of the most sought-after single-tenant investments across the country in today’s market. 7-Eleven is one of the largest, most successful retailers in the U.S., and the company’s operating success as an essential business during the pandemic further accentuated the attractiveness of this investment-grade tenant,” noted Asher.
“As investors look to the future and any concerns about potential economic instability, buyers will seek essential businesses with a high credit rating (S&P: A) like 7-Eleven, which can do well during challenging times and provide a reliable cash flow,” continues Asher. “For these reasons, and 100% bonus depreciation being reinstated through 2025, we expect that sales volume for single-tenant 7-Eleven net-leased retail investments will remain strong.”
Hanley Investment Group has sold 38 7-Eleven retail investments in the last four years, including recent sales in Beaumont, El Centro, and Indio, California. Last week, Hanley Investment Group’s Asher and Lefko completed the sale of a brand-new construction single-tenant 7-Eleven convenience store and gas station in Merced, California, representing the developer and seller, Chase Partners. Asher and Lefko also facilitated the sale of the newly constructed Starbucks Drive-Thru adjacent to the 7-Eleven in Merced. The two properties sold for a combined $8.2 million to two different private investors.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
