SRS Real Estate Partners has arranged the sale of two newly built 7-Eleven convenience store properties in Central Florida for a reported combined $22.9 million. Located in Clermont and Winter Haven, the stores sold in separate transactions to different private investors. Both properties are leased under corporate-guaranteed absolute triple-net agreements with scheduled rent increases every five years.
Key takeaways
The transactions involved two properties sold by a Central Florida-based developer, with SRS representing the seller in both deals.
- The Clermont store sold for $11.5 million.
- The Winter Haven store sold for $11.31 million.
- Both stores have corporate-guaranteed absolute triple-net leases and rent increases scheduled every five years.
Details of the two sales
The Clermont property is a 4,853-square-foot convenience store at 9430 U.S. Highway 192. It sold for $11.5 million. The Winter Haven location, at 4326 Dundee Road, measures 4,650 square feet and sold for $11.31 million.
The properties were sold in separate transactions, and each went to a different private investor. The source reported the combined sale value as $22.9 million.
Lease structure and representation
Both newly constructed stores operate under corporate-guaranteed absolute triple-net leases. The agreements include scheduled rent increases every five years. Under an absolute triple-net structure, the tenant generally bears property-related operating expenses, though the specific lease terms were not disclosed.
Patrick Nutt and William Wamble of SRS Real Estate Partners represented the Central Florida-based developer in both sales.
- SRS Real Estate Arranges $22.9 Million Sale of Two Convenience Stores in Central Florida, Shopping Center Business.