A 7-Eleven in Freehold, which includes a new 15-year triple-net lease, sold for $4.7 million, according to a Monday announcement from Marcus & Millichap.
The property is located at 639 US-9 and includes a 3,1010-square-foot convenience store and 12-pump fueling stations. Positioned at a signalized intersection with over 47,000 vehicles passing daily, the 7-Eleven is near multiple access points including Route 33 and Interstate-195. This location benefits from strong local demographics, with an average household income exceeding $153,000 within a one-mile radius.
“Credit tenant net lease properties continue to outperform the market and are a natural fit for many 1031 exchange investors,” Alan Cafiero, senior managing director investments, said. “The combination of credit, quality, and location created high demand from a wide array of buyers.”
Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the local seller. The buyer, a local new jersey investor, was procured by Mark Krantz and Derrick Dougherty of Marcus & Millichap’s Philadelphia office.
“The purchaser was extremely excited about this opportunity because this 7-Eleven was a relocation store in phenomenal growing submarket,” Mark Krantz, first vice president investments, said. “It has been a common trend in the industry for convenience stores to relocate from inline locations to stand alone properties featuring gas to increase and diversify the revenue streams.”
