Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the ground lease sale of a single-tenant retail property leased to 7-Eleven. The 4,070-square-foot convenience store is located at 1343 Belcamp Road in Belcamp, Maryland. Stan Johnson Company’s BJ Feller and Mike Philbin exclusively represented the seller, a local developer. The property was acquired by a New York-based 1031 exchange buyer for $5.0 million.
“This property represented one of the more unique opportunities of a 7-Eleven relocation property in tandem with a fresh 20-year lease,” said Feller, Managing Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “The property understandably attracted a wide range of interest from both private investors and also institutional investors, owing to the strength of the location off Interstate 95, as well as a multitude of major drivers nearby, including the Aberdeen Proving Grounds.”
The newly built gas station and convenience store is situated on a 2.41-acre parcel near the intersection of Riverside Parkway and Interstate 95 and is just 30 miles northeast of Baltimore, Maryland. The tenant relocated from a nearby site and increased their footprint by 67 percent to meet growing demand.
