Northmarq’s Investment Sales, Debt + Equity teams arrange sale, financing of 7-Eleven property in Waco, TX

WACO, Texas — Northmarq’s Tulsa Commercial Investment Sales team led by David Annett, in collaboration with its St. Louis Debt + Equity team led by Jada Purchase, successfully completed the sale and financing of a single-tenant retail space occupied by 7-Eleven located at 5760 Bagby Ave. in Waco, Texas.

Northmarq represented the buyer, Maple Street Management. The seller was Davenport Properties. Northmarq arranged the financing on behalf of the borrower, Maple Street Management, through an existing relationship with a national bank. The deal was structured on a five-year term.

“This was a great result for our client,” Annett said. “Once the buyer went on site, he told me that this is the type of deal he wants to own. Unfortunately, every deal has its hurdle. With two weeks left in our DD period, we found that our first lender was wavering on the deal. Thankfully, Jada came in the clutch by originating another lender who was able to fully loan approve the deal prior to our DD expiration — not to mention at a better rate.”

This was the 17th convenience store sale and finance between Annett and Purchase over the past two years — totaling roughly $92 million in volume between debt and sales.

“We continue to strive to originate the most competitive terms with many lender partners around the country,” Purchase said. “Our job is to be with our clients from the beginning of the process through the end. Sometimes that includes pivoting to a new lender. We had to do this with this transaction while still hitting all the timelines as required by the contract. We obtained approvals and closing, while providing the targeted loan-to-value and rate desired.”

Built in 2024 and sitting on 3.42 acres, this single-tenant property features a 4,650-sq.-ft. building along with a diesel fuel terminal and 32 parking spaces. It has a 15-year absolute triple-net lease with 7-Eleven and is situated near the intersection of Bagby Avenue and Corporation Parkway — offering proximity to roughly 42,000 vehicles per day. It is also nearby both Interstate 35 and State Route 6, offering an additional 162,000 daily vehicles.

The property sits nearby Central Texas Marketplace, the largest shopping center in Waco anchored by several regional and national brands. Approximately 139,000 residents live within a five-mile radius.