7-Eleven Coral Springs,Florida

$5,500,000
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $5,500,000
  • Cap Rate: 4.00%
  • Rentable Square Feet: 3,000
  • Annual Rent: $220,000
  • Land Area: 1.25 Acres
  • Year Built: 2022
  • Lease Guarantor: 7-Eleven, Inc.
  • Lease Type: NNN Ground Lease
  • Lease Term: 20 Years
  • Option Periods: 4, 5-Year Options
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 4/30/2042 est

Description

12339 West Sample Road
Coral Springs, FL 33065

Investment Highlights

  • Brand New, 20-Year, Triple Net (NNN) Ground Lease
  • New Construction, Opening in Early 2022
  • Four, Five-Year Tenant Renewal Options With 10 Percent Increases Every Five Years
  • Located at the Main Entrance to the 442-Acre Corporate Park of Coral Springs, a Multi-Tenant Industrial Property With Commercial Warehouses and Offices
  • The Station Will Have Diesel Pumps to Serve the Many Trucks Used Throughout the Park
  • Conveniently Located Near Entrance/Exit Ramps of the Sawgrass Expressway
  • Closest Gas and Convenience Store to the Sawgrass Expressway from Sample Road
  • Amazon is Building a 250,000 Square Foot Distribution Center in The Corporate Park of Coral Springs With a Parking Lot on Land Recently Purchased by
  • Amazon, Two Parcels from Subject Property
  • Directly Adjacent to Flora Fine Foods Italian Imports Company’s New Headquarters, Currently Under Construction
  • Amazon is Building a 250,000 Square Foot Distribution Center in The Corporate Park of Coral Springs With a Parking Lot on Land Recently Purchased by Amazon, Two Parcels from Subject Property

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 7-Eleven in the dense South Florida suburb of Coral Springs. This is a brand new, 20-year, triple net ground lease with four, five-year tenant renewal options. This lease offers 10 percent rent increases every five years throughout the base term and option periods. This is a new location with construction starting soon and expected to open by early 2022.

The Subject Property is conveniently located at the main entrance to the 442-acre Corporate Park of Coral Springs, which is a multi-tenant industrial park with commercial warehouses and offices. The station will have diesel pumps to serve the many trucks used throughout the park. This property is located near the entrance/exit ramps of the Sawgrass Expressway and is the closest gas and convenience store to the Expressway from Sample Road.

Included in the Corporate Park of Coral Springs will be a 250,000-square-foot Amazon last-mile distribution center which is under construction. Amazon is also building a parking lot to be used by employees and trucks with a location just two parcels from the Subject Property. The new 7-Eleven is directly adjacent to Flora Fine Foods Italian Imports Company’s new headquarters, which is also currently finishing construction.

The surrounding area has extremely strong demographics with the population over 207,000 in five miles of the Subject Property. The average household income in one mile is $89,525, $117,174 in three miles, and $106,554 in five miles. The 7-Eleven is located on Sample Road with a traffic count more than 22,500 vehicles. The Property is directly across the street from Sawgrass Springs Middle School with approx. 1,239 students, as well as Florida Panthers Iceden, an ice-skating and hockey facility with 125,000 square feet for games, classes and events.

Part of the Broward County metro area which has a population of 1.9 million people, the Subject Property is 22 miles from Fort Lauderdale, 45 miles north of Miami and 45 miles south of West Palm Beach. Key economic drivers in the county include tourism, healthcare, biotechnology and commerce.

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