West Coast Investors Purchase East Coast Assets
IRVINE, CALIF. – April 16, 2015 – (RealEstateRama) — Hanley Investment Group, a nationally-recognized boutique real estate brokerage and advisory firm specializing in retail property sales, announced today that Senior Vice President Jeremy McChesney negotiated the sale of four single-tenant absolute NNN 7-Eleven stores in Erie County, New York, totaling nearly $3 million. McChesney currently has two other East Coast 7-Eleven stores in escrow and two additional ones available for sale. 7‑Eleven, Inc. is the world’s largest convenience store chain with some 55,000 stores in 16 countries, of which more than 10,400 are in North America, and the company has more outlets than any other retailer or food service provider.
“Investor demand remains high for quality single-tenant retail properties,” said McChesney. “And, with the lack of high quality single-tenant inventory, these four sales are representative of West Coast capital moving east in search of a better return.”
In Buffalo, NY, McChesney negotiated the sale of two 7-Eleven stores working with both the same buyer, a private investor from Tacoma, WA, and the same seller, a local investor from Buffalo, NY. Near the intersection of Kenmore Avenue and Pickford Avenue in Buffalo, McChesney completed the sale of a 2,835-square-foot 7-Eleven store at 741 Kenmore Avenue for $800,000. Built in 1994, the 7-Eleven building is situated on a .26-acre parcel.
“The buyer purchased two single-tenant NNN absolute 7-Eleven stores in Buffalo from the same seller to meet his 1031 Exchange requirements,” said McChesney. The other property, a 2,842-square-foot 7-Eleven, was located on 975 Abbott Road in Buffalo, NY, near the intersection of Kimberly Avenue and Abbott Road. Built in 1992, the 7-Eleven building is situated on a .47-acre parcel. The purchase price was $800,000.
McChesney negotiated the sale of a third 7-Eleven at 959 Niagara Street in Buffalo. Built in 1986, the 7-Eleven building is situated on a .36-acre parcel. The purchase price was $851,000. Michael Chow of Jones Pacific Land Company in San Francisco represented the buyer, a private investor from the San Francisco Bay Area. McChesney represented the seller, a local private investor from Buffalo, NY.
In South Wales, NY, McChesney negotiated the sale of a 2,080-square-foot 7-Eleven store at 6444 Olean Road, near the intersection of Olean Road and East Emery Road. Built in 1972, the 7-Eleven building is situated on a 1.35-acre parcel. The purchase price was $525,000. The buyer, a private investor from San Francisco, Calif., was also represented by Michael Chow of Jones Pacific Land Company in San Francisco. The seller, a private investor from Hermosa Beach, Calif., was represented by McChesney.
Last year, McChesney sold multiple 7-Eleven single-tenant investments including stores in Norfolk, Virginia; Capitol Heights, Maryland; and Santa Barbara, Calif.
“With an AA- credit rating and zero land responsibilities, single-tenant 7-Eleven stores continue to be one of the most highly sought-after retail investments in today’s market. These sales highlight the strong appetite investors have for high quality, investment grade net-lease properties and investors willingness to look in major metros across the country,” said McChesney.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestmentgroup.com.
