Secure Net Lease Sells Austin MSA 7-Eleven
SNL’s Ed Benton facilitates transaction with California trade buyer
Dallas, May 5, 2024 – Secure Net Lease completed a 1031 Exchange sales transaction involving a newly constructed 7-Eleven Store in San Marcos, TX. The nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, arranged the sale of a 4,650-square-foot store held under a 15-year, corporate, absolute NNN lease.
Secure Net Lease’s Edward Benton represented the seller, an Austin, TX-based developer. The buyer was a Sherman Oaks, CA-based private 1031 investor.
Ed Benton said, “The buyer sold a roughly one-acre, trophy asset in the Los Angeles market that had been part of its family holdings for many years. Once its down-leg transaction closed, the family sought a 1031 Exchange property, and this 7-Eleven asset built in 2023 in Texas appealed to them.”
The large-format 7-Eleven, located at 1231 E. McCarty Lane, sits on a 1.74-acre site with 40 parking spaces and eight gasoline fueling pumps. The site is adjacent to an Amazon Fulfillment Center that employs more than 1,000 people and roughly three miles from the 570-acre, 38,370-student campus of Texas State University.
“Our team understood this buyer type is rarely in the market and required us to leverage our internal platform and deep relationships throughout the brokerage community to successfully source a buyer and achieve a top of market CAP rate for our seller client,” said Benton. “This 1031 Exchange transaction was accomplished by keeping the San Marcos, TX 7-Eleven site top of mind with the eventual buyer as it worked through a two-month closing process on a separate down-leg transaction.”
7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, TX, 7-Eleven operates, franchises and/or licenses more than 78,029 stores in 18 countries.
San Marcos, TX is located 20 miles south of Austin and 40 miles north of San Antonio. The city is one of Austin’s major suburbs and is accessed via major roadways such as IH-35, SH-130, US-183 and IH-10. The population of San Marcos grew 55% from 2010 to 2019, reaching 70,301 and with the expectation it would hit 86,200 people by 2030.
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.
Our team understood this buyer type is rarely in the market and required us to leverage our internal platform and deep relationships throughout the brokerage community.
