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7-Eleven, Fort Pierce, FL

7-Eleven, Fort Pierce, FL


Investment Summary

Price $7,874,000
Cap Rate 5.15%
NOI $405,490
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2024
Building Size 4,650 SF
Lot Size 2.55 acres (111,078 SF)
Status Available
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE WITH INVESTMENT GRADE CREDIT
» New 15-year absolute NNN lease to an iconic corporate tenant
» Absolute NNN lease requires no landlord management, ideal for an out-of-area of passive investor
» 7-Eleven, Inc. is an investment grade tenant with an “A” rating from Standard & Poor’s
» 7-Eleven is the largest convenience retail chain in the world, with more than 78,000 stores worldwide
» 10% rental increases every five years in initial term and option periods, providing a long-term stable investment opportunity

STRATEGIC LOCATION JUST OFF INTERSTATE 95 AND FOUR MILES FROM THE ATLANTIC OCEAN
» High-traffic location along Orange Avenue, a major east-west Fort Pierce thoroughfare which leads directly to the Atlantic Ocean four miles east
» Convenient access and excellent visibility to Interstate 95 (73,811 AADT)
» Multiple access points to a combined 24,800 vehicles per day at the signalized intersection of Orange Avenue and Jenkins Road
» Three miles from Indian River State College, the second-largest employer in St. Lucie County (22,000+ employees, 2,265 students)
» Four miles from Lawnwood Regional Medical Center, a 380-bed acute-care hospital offering a full range of services (1,500 employees)
» Beneficial proximity to Fort Pierce Inlet State Park, South Beach, and Treasure Coast International Airport

63,534 RESIDENTS WITHIN FIVE MILES AND AFFLUENT INCOMES OF $68,826 PER HOUSEHOLD WITHIN ONE MILE
» Population of 63,534 within a five-mile radius of the location, creating a reliable customer base for the site
» High average annual household income of $68,826 within one mile
» Surrounded by high-density, single-family housing developments and large townhouses
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise 7-Eleven and Fort Pierce for steady concurrent growth

NEW 2024 BUILD-TO-SUIT CONSTRUCTION
» High-quality 2024 build-to-suit construction featuring 16 gas pumps and a freestanding convenience store, providing additional customer convenience and boosting sales revenue

Property Description

» This 7-Eleven is located strategically along Orange Avenue, a major east-west Fort Pierce thoroughfare which leads directly to the Atlantic Ocean four miles east
» The property maintains excellent proximity to Interstate 95, the main north–south Interstate Highway on the East Coast of the U.S., running from U.S. Route 1 in Miami, Florida, north to the Houlton–Woodstock Border Crossing between Maine and the Canadian province of New Brunswick (73,811 AADT)
» The location offers multiple access points to a combined 24,800 vehicles per day at the signalized intersection of Orange Avenue and Jenkins Road
» 63,534 residents live within a five-mile radius of the property, creating an extremely large and reliable customer base for the site
» The property is also supported by an affluent customer base, with an average annual household income of $68,826 within one mile of the property
» The site resides three miles from Indian River State College, the second-largest employer in St. Lucie County (22,000+ employees, 2,265 students)

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