Viera, FL - 7-Eleven

6411 Lake Andrew Drive, Melbourne, FL

$3,882,000

Price

4.25%

Cap Rate

$165,000

NOI

Overview
Cap Rate
4.25%
NOI
$165,000
Building Size
2,940 sqft
Occupancy
100%
Year Built
2019
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, investment grade (S&P: AA-), corporate guaranteed, 7-Eleven investment property located in Viera, FL (Melbourne MSA). The tenant, 7-Eleven, Inc., recently executed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed by 7-Eleven, Inc., a globally recognized tenant with 67,000+ locations worldwide. The offering includes both a 7-Eleven branded convenience store and a gas station with 8 premium pumps.

7-Eleven is strategically located at the signalized, hard corner intersection of Judge Fran Jamieson Way and Lake Andrew Dr., with a combined 26,900 vehicles passing by daily. The site benefits from nearby on/off ramp access to Interstate 95 (55,000 VPD), the primary north/south freeway traveling throughout the East Coast. The property is ideally situated adjacent to The Avenue Viera, a 600,000 SF open power center anchored by Kohl’s, Office Depot, Michaels, and AMC Avenue 16. The Avenue offers a dynamic mix of premier national retailers, select local merchants, and specialty restaurants, reflective of the local demand and fashion trends. Lake Andrew Drive is the primary retail corridor serving Viera, featuring a variety of national/credit tenants including a 24-hour Walmart Supercenter, Target, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for 7-Eleven. Viera is one of the fastest growing communities in Florida with over 20,000 acres of master planned communities. 7-Eleven is positioned adjacent to Three Fountains of Viera, an alluring gated community of condominiums. In addition, the asset is surrounded by several apartment complexes including Highlands Viera West (240 units), The Artisan at Viera (259 units), CentrePointe (176 units), and Marisol at Viera (282 units), providing the store with a direct residential consumer base to draw from. The 5-mile trade area is supported by nearly 71,000 residents and 24,500 daytime employees with an affluent average household income of $101,000.


Location
Gallery