WESLEY CHAPEL, Fla., Oct. 23, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 7-Eleven in Wesley Chapel, Florida. The asset sold for $9,495,257.
“This deal solidifies the continued demand for well-located credit tenant assets in Florida,” says Jonathan De La Rosa, senior vice president of investments. “It’s a challenging time to sell fixed income products at a 5% return; however, investors continue to pursue fee simple gas stations for bonus depreciation purposes.”
De La Rosa, Ronnie Issenberg, Gabriel Britti, Ricardo Esteves, and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a Florida developer. Steven Siegel and Michael Kook, investment specialists in Marcus & Millichap’s Manhattan office, procured the buyer, a private investor, looking to complete a 1031 exchange.
The newly constructed 7-Eleven is located at 30080 Overpass Rd. directly off the newly widened Interstate-75 Overpass Road and Boyette Road within the rapidly expanding, Connected City area of Wesley Chapel, one of the fastest-growing submarkets in the Greater Tampa Market. The 5,635-square-foot property features a Laredo Taco Restaurant and car wash.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.