Calkain’s Patrick Nutt Brokers Sale of the Net-Leased 7-Eleven in a 1031 Exchange
Ft. Lauderdale, FL – Patrick Nutt, Calkain’s Managing Partner, closed this week on a net-leased 7-Eleven located at 2580 Kathleen Road in Lakeland, Florida. The property sold for 97% of asking price, landing at $3,305,000.
“This newly constructed 7-Eleven made for an excellent net lease investment. The corporate guaranteed, absolute NNN lease had built-in rental increases at an interstate location,” commented Nutt. “We were able to generate multiple offers and in the end, Calkain selected an all-cash buyer in a 1031 exchange, a win for both sides of the transaction.”
7-Eleven is one of the top trading tenants in the net lease sector. This past year, we’ve seen a decrease in the average cap rate, largely due to their investment grade credit, top tier locations, and their continued dominance as the largest operator, franchisor, and licensor of convenience stores. The long-term leases with built-in rent bumps only emphasize their attractiveness for passive, long-term investments to hands-off investors.
Nutt currently has additional net leased 7-Eleven assets for sale. For more information on these, or on the Lakeland, FL transaction, please contact him at firstname.lastname@example.org.
Calkain Companies LLC is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, capital markets, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.