HOMESTEAD, FL – [May 24, 2022] – Blue West Capital has completed the sale of a single tenant net leased Speedway ground lease property located at 24435 SW 112th Avenue in Homestead, FL for $4,366,000. Zach Wright, of Blue West Capital, exclusively represented the seller. The seller was a Florida-based partnership and the buyer was a 1031 exchange investor based in Colorado & Florida. The property received numerous qualified offers and sold for 98% of the asking price.
The Speedway property is positioned along SW 112th Avenue (28,000 vehicles per day) and is strategically located just north of the Ronald Reagan Turnpike. There are over 17,000 people living within one mile and the surrounding area is rapidly expanding with 4%+ annual projected population growth. There are numerous national retailers in the immediate corridor including Publix, Walgreens, CVS, ALDI, McDonald’s, Family Dollar and Dollar Tree. The property features a car wash, 20 pumps, and a 3,551 square foot convenience store.
There are approximately seven years remaining on the Speedway ground lease. The corporate ground lease features 10% rental increases and no landlord responsibilities. Speedway is a wholly owned company of Seven & I Holdings (7-Eleven). 7-Eleven is an investment grade rated company with a Standard & Poor’s rating of A.
“Single tenant properties with strong corporate guarantees and no landlord responsibilities are at the forefront of demand amongst net lease and 1031 exchange investors. Premiums are being paid for well-located properties in major MSAs,” stated Zach Wright, Director & Partner.
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