September 12, 2019 – Jeremy Black and Hobart Hare of Horvath & Tremblay have successfully completed the sale of a 7-Eleven in Sarasota, FL. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $2,280,000, a 5.0% cap rate.
The single tenant 7-Eleven is located at 6886 East 15th Street in Sarasota, Florida. 7-Eleven, an S&P AA- Rated company, has been in this location since 1975, and recently extended their lease for an additional 10 years. The corporately guaranteed, absolute NNN lease has 10 years remaining with a 10% increase in 2025, and it also has three, 5-year options, each of which has 10% increases. The property consists of 6 gas pumps and a 2,612 square foot convenience store on a 0.51 acre lot. Additionally, this is a 24-Hour location that sells beer and wine and has traffic counts in excess of 28,000 vehicles per day.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.