Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 7-Eleven convenience store and gas station located at 4230 Land O’Lakes Boulevard in Land O’Lakes, Florida. The 4,088-square-foot property was purchased for approximately $5.4 million by a 1031 exchange buyer represented by Tom Georges of Northmarq. The seller was an Ohio-based developer.
“I worked with a 1031 exchange investor who was attracted to the security of a brand new 7-Eleven in the northern suburbs of Tampa,” said Georges, Director in Northmarq’s New York office. “The lease features 10 percent rent increases every five years and accelerated depreciation.”
The property was constructed in late 2021 on 0.58 acres. The site, which is located 20 miles north of downtown Tampa, fronts U.S. Highway 41 with visibility from more than 59,000 vehicles per day. The property is situated at a signalized intersection, and the area boasts excellent population growth, with more than 3.0 percent annual growth since 2010 and projected population increases of more than 4.0 percent over the next five years.