Parker, CO – [October 29, 2020] – Blue West Capital has completed the sale of a single tenant net leased 7-Eleven property located at 9301 South Parker Road in Parker, CO for $4,300,000.
Zach Wright and Tom Ethington, of Blue West Capital, represented the seller and purchaser in the transaction, respectively. The seller was BBR Oil III, LLC, an Iowa-based private investor. The purchaser was Buchtel Realty Investors Parker LLC, a Colorado-based private real estate family office.
The property features a long-term absolute triple net lease with zero landlord responsibilities and annual rental increases. 7-Eleven has operated at this location for approximately ten years. 7-Eleven is the world’s largest operator, franchisor, and licensor of convenience stores with over 70,000 locations across 17 countries.
The 3,010 square foot 7-Eleven property is strategically positioned along South Parker Road. It is the first convenience store southbound from the Parker Road and E-470 exit. South Parker Road experiences traffic counts of approximately 60,000 vehicles per day. The 7-Eleven is located directly across the street from Parker Adventist Hospital, a Level II trauma center with over 170 beds. The surrounding area is affluent with over 151,000 people within a five-mile radius with average annual household incomes of approximately $128,000. The immediate area is rapidly expanding with annual projected population growth within a one-mile radius forecasted to be approximately 5%.
“Cap rates for single tenant net leased properties continue to compress as available inventory is extremely low, while demand remains very high. The current supply-demand imbalance has created very favorable market conditions for sellers of single tenant properties, creating a rare opportunity. We were fortunate to arrange the sale of this off-market property,” said Zach Wright, Director of Net Lease Investment Sales. “We have a significant number of convenience store transactions in process. While cap rates for this product remain low, deals are difficult to find as many investors are actively seeking c-stores with long-term leases. C-stores are at the forefront of demand because they are essential businesses and investors are taking advantage of year-end accelerated bonus depreciation. We simply do not have enough product to meet the current level of demand,” added Tom Ethington, Managing Partner.