Northmarq, 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 Northmarq 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 Northmarq’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.