Just Closed! 7-Eleven 15 Year NNN Fee Simple Lease

Just Closed! 7-Eleven 15 Year NNN Fee Simple Lease

Investment Overview:

Marcus & Millichap is pleased to present for sale this freestanding, single-tenant 7-Eleven located in Lake Alfred, Florida. Lake Alfred is in Polk County located 40 miles southwest of Orlando and 55 miles east of Tampa. The fee simple lease, backed by 7-Eleven Corporate, will have a 15-year lease with 10 percent increases in rent every five years and four, five-year options to extend with an expected rent commencement of September 2020. This is an ideal passive investment opportunity with zero landlord responsibilities being offered at a 4.85 percent capitalization rate.

The subject property consists of a 3,500 square foot retail space, a single-row canopy with seven dispensers (14 fueling stations) and a 1,000 square foot car wash and with ample parking on a 1.32- acre parcel. It is strategically located on Pomelo Street with direct access from North Lake Shore Way and Shinn Boulevard (State Road 17) with a combined traffic count of 45,800 vehicles per day. The property benefits from the 64,326 residents within a five mile radius with an expected 6 percent population growth by 2024.

According to Forbes magazine, Lakeland-Winter Haven MSA is ranked #14 in its annual list of America’s fastest-growing cities. Forbes looks at growth of population, employment, wages, economic output and used home price growth as a proxy for wealth when creating the list. Winter Haven is home to Legoland Florida Resort with over 15.7 Million visitors annually (2019) and is only 11 miles south of the subject property.
There are numerous National and Regional retailers in the immediate area including Dunkin’, Dollar General, Family Dollar, Centerstate Bank, Wells Fargo, Hardee’s, NAPA Auto Parts among others.
7-Eleven is the world’s largest operator, franchisor and licensor of convenience stores with approximately 68,000 stores in 18 countries. In the 10,500 stores in North America, 7-Eleven offers over 2,500 different products and services.

Investment Highlights:

■ 15 Year Absolute NNN Lease with 10% Increases Every 5
Years
■ Brand New Construction 7-Eleven Corporate Guarantee |
68,000+ Locations and S&P Credit Rating: AA-
■ Attractive Rent Growth | 10% Increases Every 5 Years |
Blended Cap Rate of 5.30% Over Base Term of Lease
■ Growing Market | Population Projected to Grow 6% by 2024
in a 5-Mile Radius
■ Lake Alfred Centrally Located Between Haines City (7 Miles
East), Auburndale (5 Miles West) and Winter Haven (11 Miles South)| Shinn Boulevard (State Road 17) is the North-
South Connector between Cities

■ Less Than Three Miles from the Winter Haven Regional
Airport | Average of 164 Flights Per Day
■ Proximity to Legoland Florida Resort | Eleven Miles from
Winter Haven | 15.7 Million Visitors (2019)
■ Rent Commencement Expected in September 2020
■ Florida is a “No Income Tax State”

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