Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail convenience store and gas station leased to 7-Eleven. Located at 3868 Delaware Drive in Fremont, California in the San Francisco Bay area, the 2,400-square-foot property sold at a 3.25 percent cap rate. Mike Matter of Stan Johnson Company represented the seller in a 1031 exchange. The property was acquired by a California-based private investor for approximately $2.3 million.
“There was significant interest in the offering due to the location having high barriers to entry, a short-term lease and low relative rents,” said Matter, Director in Stan Johnson Company’s Newport Beach, California office. “We were able to generate seven offers and ended up selling over the list price.”
7-Eleven has occupied the property since it was originally built in 1977. The site is situated on 0.5 acres in a dense residential area just north of an industrial complex with national operators including the 4.4 million-square-foot Tesla manufacturing center. The tenant operates on a corporate guaranteed triple net lease.
