Richmond, VA - 7-Eleven

Description:

SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, investment grade (S&P : AA-), corporate guaranteed, 7-Eleven investment property located in Richmond, Virginia. The tenant, 7-Eleven, Inc., recently executed a 15 year lease with 4 (5-Year) option periods to extend. The lease features 10% rental increases every 5 years and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed by 7-Eleven, Inc., an investment grade (S&P : AA-), globally recognized, and established tenant with 67,000+ locations. The lease is NNN with landlord responsibilities limited to structure, making it an ideal, low-management investment opportunity for an out-of-state investor. Slated to open in Fall 2019, the state -of-the-art property will include a gas station with 12 premium pumps.

7-Eleven is strategically located at the signalized, far corner intersection of Chamberlayne Avenue and Azalea Avenue, with 32,000 average combined vehicles passing by daily. The site is located 0.6 miles south from Interstate 95 (117,00 VPD), a major north/south thoroughfare for the state of Virginia. The site will be equipped with a large pylon sign, providing excellent visibility. The subject property is directly across from Brookhill Azalea (163,200 SF), a shopping center anchored by Food Lion, Aaron’s and Dollar Tree, and will benefit from crossover traffic. Additionally, the asset is located within a dense residential area, providing a consumer base to draw from. Other nearby national/credit tenants include Walmart Neighborhood Market, Walgreens, CVS Pharmacy, SunTrust Bank, and more. The 5-mile trade area is supported by a population more than 233,000 residents and an average household income of $71,161.