Seller representative Mehran Foroughi, senior vice president in Colliers International's Irvine, CA office tells GlobeSt.com that five stores in the Dallas metropolitan area were sold to a California buyer. The six stores in Virginia were claimed by three individual buyers and the lone store in Las Vegas ended up in the portfolio of a Dallas-based company, Foroughi adds.
"These were extremely hot properties, and we received a number of offers on them," says Foroughi, who partnered with Sam Nakhleh, vice president of Colliers Vancouver office to represent 7-Eleven Inc. "We didn't have these on the market for very long until they went under contract."
Foroughi says there is a great deal of demand for single-tenant, triple-net-lease assets like the ones that were just sold. The credibility of 7-Eleven tenants helped fuel the interest in the portfolio, he adds.
Furthermore, "these assets were in good locations and had strong co-tenants," Foroughi explains. "Three of these in the Dallas area had Auto Zone as a co-tenant." But even with the assets that didn't have national credit tenants, "they'd been with the property for such a long time, people regarded them as stabilized tenants," Foroughi comments.
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