A new construction single-tenant net lease asset 7-Eleven with an absolute ground lease has sold at a 4.13% cap rate in Baldwin Park, California. The cap rate is the lowest cap rate in California over the last 12 months, and equated to a sales price of $1,375 per square foot.

Located at 13853 Garvey Avenue at the intersection of Garvey Avenue and Feather Avenue, the new 2,910-square-foot 7-Eleven store and fuel station is expected to open later this year and sits on 0.85 acres.

Hanley Investment Group EVP Jeremy McChesney and associate Andrew Sprowl represented the seller, a private investor from Westport, Connecticut. A private investor from Beverly Hills, California purchased the property and was represented by Elias Donay of Universal Capital Investment.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.