In an intriguing turn of events, a Palm Beach investor has quietly snapped up a recently constructed 7-Eleven in Naples for a cool $10.65 million.
This neighborhood convenience store, stationed at 13677 Immokalee Road, is now part of a 1031 Exchange, featuring a 15-year absolute triple-net lease. It boasts not only the usual snacks but also a gas station and a car wash. That’s a lot of slurpees, gas, and suds all under one roof!
However, the identity of the buyer remains under wraps, with only whispers about a ‘family fund’ making the rounds. Even the Collier County property appraiser’s website is tight-lipped about the sale details—a rarity indeed. But a little digging reveals that the buyer is an LLC headquartered at the same address as the Palm Beach law firm Nelson, Mullins Riley & Scarborough. While the firm doesn’t list anyone by the name Beverlee M. Raymond—the LLC’s manager—there are two attorneys with the surname Raymond operating out of Naples. Coincidence? Maybe. Mystery? Definitely.
As for the seller, MHM Development from Naples sealed the deal. Their newly built 7-Eleven spans 4,650 square feet on a generous 2.02 acres of land. Marcus & Millichap, the brokerage making headlines with this deal, represented the buyer through Ian Lipsky and Barry Wolfe based out of Fort Lauderdale.
This transaction highlights the continued allure of well-situated commercial properties. While the mystery surrounding the buyer’s identity persists, the strategic purchase ensures that the allure and convenience of a neighborhood 7-Eleven stands strong in Naples.
Source: Businessobserverfl
