SNL Sells 7-Eleven in Texas to 1031 Exchange Buyer
Ed Benton Exceeds Expectations with Low Cap Rate Sale
July 17, 2024 — Secure Net Lease, a nationally recognized brokerage firm, successfully sold a 7-Eleven located at 3108 N. Shary Rd. in Mission, Texas. The transaction, completed in mid-July, resulted in an aggressive cap rate, exceeding market expectations.
One of the key reasons for this successful sale was the strong relationship between the seller and the buyer’s broker, a partnership that has been successful in the past. This time, the broker introduced a 1031 exchange buyer from Phoenix, AZ, who came in with an all-cash offer, ensuring the deal closed quickly and smoothly.
“It’s unbelievable that we secured such a favorable cap rate today, especially for a 7-Eleven in South Texas. Despite the lending process challenges, we successfully navigated through it, resulting in a very smooth transaction.” Ed said.
The 4,842-square-foot 7-Eleven property is perfectly situated at the busy intersection of Shary Rd and 2 Mile Rd. The property’s prime location and the area’s outstanding demographics made this a highly attractive investment. Located at a hard corner signalized site with heavy traffic flow, the site benefits from significant daily exposure and proximity to South Texas College.
The deal also highlights the importance of strategic relationships in real estate. Edward Benton noted, “The buyer’s broker, who we have done many deals with in the past and have a strong relationship with, brought us a 1031 exchange buyer from Phoenix who paid all cash.” Benton added, “We achieved great results in terms of price and cap rate, which far exceeded market expectations.”
As a tenant, 7-Eleven, Inc. is a powerhouse in the convenience retail industry, with a global footprint of over 72,800 stores across 18 countries. Headquartered in Irving, Texas, 7-Eleven operates more than 14,000 company-owned or franchised stores in North America alone, making it a dominant player in the market. Known for its innovative approach to retail, 7-Eleven consistently delivers convenience and value to its customers. With a strong credit rating and a history of success, 7-Eleven is a prime tenant, offering investors confidence in the long-term security and growth potential of properties under its lease.
This sale of the 7-Eleven property is a prime example of Secure Net Lease’s ability to deliver strong outcomes for their clients, leveraging their extensive network and market expertise to achieve outstanding results.
About Secure Net Lease
Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.
We achieved great results in terms of price and cap rate, which far exceeded market expectations.
