A 7-Eleven convenience store and gas station located in Clovis has been sold for $5 million. The transaction was facilitated as a 1031 exchange, a process allowing investors to defer capital gains taxes by reinvesting proceeds into similar properties. This deal marks another significant transaction for Hanley Investment Group in the convenience store and gas station sector.
Key Takeaways
- A 7-Eleven property in Clovis, California, was sold for $5 million.
- The sale was structured as a 1031 exchange.
- Hanley Investment Group Real Estate Advisors represented the seller.
- The buyer was a 1031 exchange investor from Bakersfield.
Transaction Details
Hanley Investment Group Real Estate Advisors announced the successful completion of the $5-million sale of the 7-Eleven property. The single-tenant, fee-simple property is situated at 394 W. Ashlan Ave. in Clovis.
Jacob Fahner, Vice President, and Jeremy McChesney, Executive Vice President, at Hanley Investment Group, represented a private investor based in Los Angeles who was the seller. The buyer, an investor from Bakersfield participating in a 1031 exchange, was represented by Jeffrey Leggio of ASU Commercial in Bakersfield.
Investment Appeal
According to Fahner, the 7-Eleven property presented a unique combination of attractive investment fundamentals. These included eligibility for 100% bonus depreciation, an accessible price point of $5 million, an absolute triple-net lease structure, and strong performance from both the tenant and a grocer anchor. Fahner noted that these specific deal characteristics are highly sought after by private investors looking for stable, long-term income streams.
Hanley Investment Group’s Recent Activity
This Clovis transaction adds to Hanley Investment Group’s recent success in the corporate convenience store and gas station market. The firm has closed over $60 million in similar deals across California within the past 12 months, highlighting their expertise and active role in this specialized real estate sector.