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7-Eleven Ground Lease, Homestead, FL

7-Eleven Ground Lease

Homestead, FL

Price $5,267,000
Cap Rate 4.75%
NOI $250,145
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Every Five (5) Years In Option Periods
Year Built N/A
Building Size 4,650 SF
Lot Size 2.27 Acres (98,881 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE
» 7-Eleven, Inc. is an investment grade tenant with an “A” rating from Standard & Poor’s
» 7-Eleven is the largest convenience retail chain in the world, with more than 77,000 stores worldwide
» New 15-year absolute NNN ground lease to an iconic corporate tenant
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor

HIGH-VISIBILITY LOCATION IN POPULOUS AND GROWING MIAMI SUBURB
» High-traffic location along Campbell Drive, a primary east-west Homestead thoroughfare (26,700 AADT)
» Located at the confluence of multiple major Florida thoroughfares, including U.S. Route 1, State Route 997, and Ronald Reagan Turnpike (combined 121,900 AADT)
» Population of 182,092 within a five-mile radius of the location, creating a reliable customer base for the site
» Surrounded by high-density, single-family housing developments and large townhouses
» Projected population and income increase within 5-, 10-, and 15-mile radii over the next five years, poising 7-Eleven and Homestead for steady concurrent growth

INFILL LOCATION ALONG A PRIMARY HOMESTEAD RETAIL CORRIDOR
» Located less than one mile from Homestead Towne Square, a 205,000-SF shopping center in the heart of Homestead’s trade area
» Surrounded by a strong mix of local and national retailers, including Lowe’s Home Improvement, Publix, Walmart Neighborhood Market, Winn-Dixie, Marshalls, Starbucks, and many more
» Walking distance from Harris Field Park, the largest recreational park in Homestead and home to the New Homestead Little League, the Dick Conley Memorial Football League, the YMCA, the Homestead Rodeo, and the Sally Woods Barn Pavilion
» Gateway to Miami, the largest urban economy in Florida and the 12th largest in the U.S.

LOCATED IN A TAX-FREE STATE
» Features a freestanding convenience store, 10 canopied fuel pumps, and a drive-thru car wash
» Large 2.27-acre parcel
» Florida is an income tax-free state


Property Description

» This 7-Eleven is located along Campbell Drive, a primary east-west Homestead thoroughfare (26,700 AADT). The property is strategically placed at the confluence of major Florida thoroughfares, including U.S. Route 1, State Route 997, and Ronald Reagan Turnpike (combined 121,900 AADT)
» The site features a prime location in a populous and growing area, with 182,092 residents living within a five-mile radius of the property, creating a reliable customer base for the site
» This 7-Eleven location greatly benefits from being surrounded by high-density, single-family housing developments, and large townhouse complexes. With projected average annual household income and population increase within 5-, 10-, and 15-mile radius over the next five years, this 7-Eleven and Homestead are poised for significant concurrent growth
» The site is located less than one mile from Homestead Towne Square, a 205,000-SF shopping center in the heart of Homestead’s trade area
» The site is also walking distance from Harris Field Park, the largest recreational park in Homestead and home to the New Homestead Little League, the Dick Conley Memorial Football League, the YMCA, the Homestead Rodeo, and the Sally Woods Barn Pavilion
» The property also benefits from its proximity to Miami, the largest urban economy in Florida and the 12th largest in the United States

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