Marcus & Millichap Inc.
10/21/2024 | Press release | Distributed by Public on 10/21/2024 14:28
Marcus & Millichap Arranges $4.7 Million Sale of 7-Eleven in New Jersey
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Marcus & Millichap Arranges $4.7 Million Sale of 7-Eleven in New Jersey
October 21, 2024
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FREEHOLD, N.J., Oct. 21, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 7-Eleven in Freehold, New Jersey. The property, which includes a new 15-year triple-net lease, sold for $4.7 million.
"Credit tenant net lease properties continue to outperform the market and are a natural fit for many 1031 exchange investors," said Alan Cafiero, senior managing director investments. "The combination of credit, quality, and location created high demand from a wide array of buyers."
Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap's New Jersey office, exclusively marketed the property on behalf of the local seller. The buyer, a local new jersey investor, was procured by Mark Krantz and Derrick Dougherty of Marcus & Millichap's Philadelphia office.
"The purchaser was extremely excited about this opportunity because this 7-Eleven was a relocation store in phenomenal growing submarket," adds Mark Krantz, first vice president investments. "It has been a common trend in the industry for convenience stores to relocate from inline locations to stand alone properties featuring gas to increase and diversify the revenue streams."
The property is located at 639 US-9 and includes a 3,1010-square-foot convenience store and 12-pump fueling stations. Positioned at a signalized intersection with over 47,000 vehicles passing daily, the 7-Eleven is near multiple access points including Route 33 and Interstate-195. This location benefits from strong local demographics, with an average household income exceeding $153,000 within a one-mile radius.
"Credit tenant net lease properties continue to outperform the market and are a natural fit for many 1031 exchange investors," said Alan Cafiero, senior managing director investments. "The combination of credit, quality, and location created high demand from a wide array of buyers."
Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap's New Jersey office, exclusively marketed the property on behalf of the local seller. The buyer, a local new jersey investor, was procured by Mark Krantz and Derrick Dougherty of Marcus & Millichap's Philadelphia office.
"The purchaser was extremely excited about this opportunity because this 7-Eleven was a relocation store in phenomenal growing submarket," adds Mark Krantz, first vice president investments. "It has been a common trend in the industry for convenience stores to relocate from inline locations to stand alone properties featuring gas to increase and diversify the revenue streams."
The property is located at 639 US-9 and includes a 3,1010-square-foot convenience store and 12-pump fueling stations. Positioned at a signalized intersection with over 47,000 vehicles passing daily, the 7-Eleven is near multiple access points including Route 33 and Interstate-195. This location benefits from strong local demographics, with an average household income exceeding $153,000 within a one-mile radius.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.