CSP Information Group - June 3, 2010
7-Eleven Inc. has retained Mehran Foroughi, senior vice president for Colliers International, the third-largest real-estate services organization globally, to sell 24 retail properties anchored by 7-Eleven. The portfolio, valued at approximately $40 million, is owned and operated by 7-Eleven.
The 7-Eleven anchored properties, primarily located in California and throughout the United States, all include at least one co-tenant, with AutoZone as a co-tenant in some locations. All of the 7-Eleven convenience store leases are triple net lease (NNN) and guaranteed by 7-Eleven.
"Colliers International was retained by 7-Eleven as the listing broker because of our aggressive, targeted marketing platform," said Foroughi, the exclusive listing agent for the portfolio. "We are marketing the properties as a portfolio, although offers on individual sites are also welcome."
Based in Dallas, 7-Eleven is the world's largest operator, franchisor and licensor of convenience stores with more than 37,600 units worldwide of which more than 8,100 are in North America.
The announcement follows the early March sale of a portfolio of a dozen 7-Eleven stores to several buyers for a combined value of more than $20 million. The stores retained the 7-Eleven brand in what were essentially sale-leaseback arrangements. "Their intention is not to leave, their intention was just to unload this property as a landlord," Colliers representative Mehran Foroughi told CSP Daily News about the Dallas-based retail giant at the time.
The 12 locations in Nevada, Texas and Virginia were acquired from 7-Eleven through all-cash deals.
Foroughi, said that five stores in the Dallas metropolitan area were sold to a California buyer. The six stores in Virginia were claimed by three individual buyers and the lone store in Las Vegas ended up in the portfolio of a Dallas-based company.
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