Single-Tenant Net Lease New Build Trades at 4% Cap

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.