Listen to this articleA 7-Eleven location in Freehold has a new owner, following the sale of the site located along Route 9.
Marcus & Millichap announced the $4.7 million transaction Oct. 21 and it includes a new, 15-year triple-net lease. The 3,101-square-foot convenience store at 639 Route 9 also features 12-pump fueling stations.
Senior Managing Director Investments Alan Cafiero, First Vice President Investments Brent Hyldahl and Associate Seth Goldberg exclusively marketed the property on behalf of the unnamed local seller. First Vice President Investments Mark Krantz and Senior Vice President Investments Derrick Dougherty of Marcus & Millichap’s Philadelphia office procured the buyer, a local New Jersey investor.
Credit, quality & location
“Credit tenant net lease properties continue to outperform the market and are a natural fit for many 1031 exchange investors,” commented Cafiero. “The combination of credit, quality, and location created high demand from a wide array of buyers.”
The store marked a relocation for another Route 9-based 7-Eleven in Freehold, taking over a property previously occupied by a gas station. The new outpost is next to a Starbucks.
Krantz said the buyer was “extremely excited” about the opportunity, highlighting the property’s location in a “phenomenal growing submarket.”
“It has been a common trend in the industry for c-stores to relocate from inline locations to stand alone properties featuring gas to increase and diversify the revenue streams,” Krantz pointed out.
Situated at a signalized intersection, this 7-Eleven property is also near access points such as Route 33 and Interstate 195.
Marcus & Millichap put the daily vehicle count for passing cars at more than 47,000. Additionally, the national brokerage firm highlighted the area’s strong local demographics. According to the firm, the average area household income within a 1-mile radius exceeds $153,000.
According to the convenience store chain’s website, 7-Eleven in Freehold is open 24 hours a day. The store saw more than 11,000 visits last month, per Placer.ai data.
