7-Eleven Sold in Washington

Everett, WA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, represented the seller in the off-market disposition of a 7-Eleven gas station at 7500 Hardeson Road, Everett, WA. The property sold for $5,944,047.50. Associate Brandon Sontz, Senior Associate Nick Hahn, and Executive Vice President Chad Kurz handled the transaction.

 

The seller, a local developer, achieved a 5.33% cap rate for the location in a shifting cap rate environment and in an environment where interest rates were above 6%. The buyer acquired a new-build property with a long-term lease with an investment-grade tenant rated A by S&P.

 

“We sourced the buyer from our personal network of 7-Eleven investors,” Hahn said. “Given our specialization in the 7-Eleven space, we were able to have a conversation regarding their investment criteria and quickly knew this property would be a perfect fit for what they were looking for.”

 

The buyer plans to hold the asset long term as a stable net lease investment and reap the benefits of accelerated or bonus depreciation for the site.

 

“We closed with the first buyer we went under contract with,” Sontz said. “This was an off-market deal through and through. We sourced the seller from a targeted cold call and sourced the buyer through our experience and track record within the 7-11 space. We were able to successfully negotiate with the buyers on behalf of the seller to extend closing into the new year and close within 60 days of going under contract.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.