7-Eleven Coral Springs,Florida

$10,250,000
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $10,250,000
  • Cap Rate: 4.00%
  • Rentable Square Feet: 4,088
  • Annual Rent: $410,000
  • Land Area: 1.37 Acres
  • Year Built: 2022
  • Lease Type: NNN
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 9/30/2037 est.

Description

4550 North University Drive
Coral Springs, FL 33065

Investment Highlights

  • New, 15-Year, Triple Net (NNN) Lease With Four, Five-Year Tenant Renewal Options
  • Brand New Location, Currently Under Construction – Projected Opening Q3, 2022
  • 10 Percent Rent Increases Every Five Years Throughout Base Term of Lease and Option Periods
  • Coral Springs is Part of the Broward County MSA
  • Population Over 300,000 Within a Five-Mile Radius
  • Average Household Income in One Mile is $114,981
  • Trophy Location at Signalized Intersection With Nearly 80,000 Vehicles Per Day

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand new 7-Eleven convenience store and gas station in Coral Springs, Florida. This location has new, 15-year, triple net lease which offers four, five-year tenant renewal options and 10 percent rent increases every five years. This is a brand-new location and is currently under construction. The projected opening is the third quarter of 2022.

This Trophy Location is part of a high traffic, busy retail area. The Subject Property is conveniently located at the signalized intersection of University Drive and Wiles Road with excellent access and visibility to nearly 80,000 vehicles daily. The Property is also within close proximity to Sawgrass Expressway, a major roadway in the area with more than 91,000 vehicles daily.

The surrounding area is a prime retail corridor with retailers including Publix, Aldi, Hobby Lobby, Walmart Neighborhood Market, Trader Joe’s, The Fresh Market, Bed Bath & Beyond, Target, Marshalls, Ross, Ulta Beauty, Office Depot, Youfit Health Club, Regal Magnolia Place Theater, Petco, Taco Bell, McDonald’s, Chipotle, Five Guys, Dunkin’, Starbucks, Anthony’s Coal Fired Pizza, CVS, Walgreens and many more.

Located in Broward County, this 7-Eleven benefits from attractive demographics with over 300,000 residents in a five-mile radius, and the average household income in one-mile is nearly $115,000. Coral Springs was ranked third in Florida on the ‘100 Best Places to Live’ list by Money Magazine. With more than 1.9 million residents, the population of Broward County continues to grow at a pace well above the U.S. rate.

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