In a significant real estate transaction, a recently constructed 7-Eleven located in Naples, Florida, has been acquired by a Palm Beach-based investor through a 1031 Exchange for $10.65 million. This acquisition underscores the ongoing interest and investment in commercial real estate within the region.
The 7-Eleven store, situated at 13677 Immokalee Road, is part of a long-term commitment with a 15-year absolute triple-net lease. This lease arrangement encompasses not only the convenience store itself but also a gas station and a car wash, enhancing the property’s commercial value. The fact that the property is under a triple-net lease means the tenant is responsible for all property expenses, including taxes, insurance, and maintenance, providing a steady income stream for the investor.
Details regarding the buyer have been kept confidential, with Marcus & Millichap, the brokerage firm representing the buyers, only disclosing that it was purchased by a ‘family fund.’ The Collier County property appraiser’s website, which typically lists sales information, has withheld data on this transaction, citing confidentiality. However, records indicate that the property’s deed lists an LLC associated with the Palm Beach law firm Nelson, Mullins Riley & Scarborough, with Beverlee M. Raymond named as the LLC’s manager, although her direct affiliation with the firm is not specified.
The seller, MHM Development based in Naples, highlighted that the new 7-Eleven boasts a size of 4,650 square feet on a plot covering 2.02 acres. This development reflects MHM’s strategic investments and development initiatives in the area. Ian Lipsky and Barry Wolfe from Marcus & Millichap’s Fort Lauderdale office acted as investment representatives for the buyer.
Meanwhile, the Collier County area continues to witness varied real estate activities. In Bonita Springs, Baywood Hotels has acquired a 2.61-acre parcel to construct a new hotel. This property, positioned strategically at 23400 Walden Center Dr., was bought for $3 million and will see developments by an established hotel group. Elsewhere, the former Harold Seltzer’s Steakhouse site in Pasco County is up for sale, continuing the trend of strategic real estate shifts in the region. Additionally, in Temple Terrace, an Atlanta developer has purchased land to initiate the River Hill apartment community project.
These transactions highlight a surge in strategic property acquisitions and developments in the Florida area, emphasizing the region’s evolving landscape in commercial real estate. With various sectors such as hospitality and residential housing experiencing growth and transformation, investors are poised to capitalize on these opportunities.
The acquisition of the Naples 7-Eleven for $10.65 million by an undisclosed Palm Beach investor reflects the dynamic nature of Florida’s real estate market. With strategic investments and new developments emerging, the region continues to be a focal point for investors seeking long-term growth and returns.
Source: Business Observer FL
