A recently constructed 7-Eleven in Madera has sold for $12.18 million, setting a California record for the highest-priced single-tenant 7-Eleven sale in the state, according to Hanley Investment Group.
In addition to the typical 7-Eleven convenience store, the Madera location also comes with a commercial fueling facility. The property is 4,644 square feet on 4.04 acres and located at 3720 Avenue 17 near Highway 99.
Madera’s first 7-Eleven
It is the first and only 7-Eleven in Madera, according to a news release from Hanley Investment near Newport Beach, and also includes electric vehicle charging stations and commercial diesel fueling lanes.
Hanley Investment Group Senior Vice President Sean Cox and Executive Vice President Bill Asher represented the seller and developer, Stock Five Development of Clovis. The buyer is a private investor from the Bay Area and was represented by Dev Patel of Kidder Matthews.
The project took almost four years to complete and involved extensive infrastructure work, environmental review and fuel system design.
1031 deal, triple-net lease
Cox said in the release that the buyer was found through a 1031 exchange search focused specifically on single-tenant 7-Eleven properties. The deal closed shortly after the store opened and started paying rent.
Asher said the property’s 15-year triple-net lease, expanded fueling format and close proximity to the soon-to-open North Fork Mono Casino, played a part in investor interest.
“This sale set a new benchmark for the 7‑Eleven brand in California,” Asher said. “The combination of a new 15‑year triple-net lease, expanded fueling program, and a prime location adjacent to State Route 99 and future home of North Fork Mono Casino, were highly attractive selling points for the buyer.”
Clovis-based developer
Stock Five Development specializes in fuel-based commercial projects across Northern California and the Central Valley. The sale continues Hanley Investment Group’s recent activity involving new 7-Eleven fueling prototypes in California, including transactions in San Bernardino, Sacramento and Clovis.
https://thebusinessjournal.com/7-eleven-madera-casino-broke-ca-sales-record/