Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently announced the sale of a high-end 7-Eleven store, a 4,500-square-foot gas station and convenience store located in Westlake.
This unique asset sold for $13,570,000.
“We continue to see strong interest from investors in convenience store properties. This 7-Eleven is the eighth one our team has sold in the past two years and the 13th convenience store in that same time frame. This particular property traded at a high price point with the buyer recognizing the fantastic location in a high-growth market,” said Barry Wolfe, senior managing director in Marcus & Millichap’s Fort Lauderdale office.
Alan Lipsky, senior vice president of investments, was also involved in the sale.
“Many investors in 1031 Exchanges recognize the value and stability offered by long-term leases with tenants like 7-Eleven,” he said. “We have several other convenience store properties under contract and on-market with fantastic operators like 7-Eleven and Wawa.”
The 7-Eleven is located at 4001 Seminole Pratt Whitney Road in Westlake. The new concept store, developed by the Chaudhary Petroleum Group, features a state-of-the-art building, car wash, Fusion Fresh restaurant, nitro cold brew and other artisanal beverage options.
Barry Wolfe, Alan Lipsky and Joseph Prio in Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller, Westlake Fueling LLC. An individual trust purchased the property.
When it opened last year, the 7-Eleven marked Westlake’s first new retail development since its incorporation. It is just minutes from the Westlake Adventure Park and Westlake Town Center, with future developments underway.
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. For more information, visit www.marcusmillichap.com.
