Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 4999 North State Road 7 in Tamarac, Florida. The 3,100-square-foot gas station and convenience store was fully leased to 7-Eleven. Stan Johnson Company’s Tom Georges represented the New York-based 1031 exchange buyer, who acquired the asset for approximately $6.7 million reflecting a 5.65 percent cap rate.
“While most newly-leased 15-year 7-Eleven properties are trading at sub-5.0 percent cap rates due to the strength of corporate credit, this deal offered a higher cap rate given the franchisee’s credit and was particularly attractive to the buyer,” said Georges, Director in Stan Johnson Company’s New York office.
With direct access to the Florida Turnpike, the well-located property was built in 2018 and is situated on 0.8 acres at a signalized intersection which sees over 100,000 vehicles per day combined. Neighboring tenants include Publix, Walmart Supercenter, Walgreens, Planet Fitness and many others.
