X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Following through on a year-old study, 7-Eleven Inc. has put its 1.4-million-sf world headquarters on the sales block in a bid to rid itself of an 87%-leased, “non-core asset” and cash in on the real estate investment appetite of the rich and famous.

The study recommended a sale of the 42-story, multi-tenant Cityplace Center East at 2711 N. Haskell Ave., a 10-acre block with four retail pad sites and an underground parking garage. Every option will be reviewed, eliminating any “all or nothing” speculation and clearly opening the door for a partnership purchase, which has become increasingly popular as real estate prices spike to all-time highs thanks to the continued flux of the stock market.

The corporate giant occupies 482,000 sf on floors 29 through 41 plus a portion of the 42nd floor and the basement. And, 7-Eleven intends to stay put for the long term at an address that houses 1,000 of the corporation’s workforce and 325 vendor partners, a company contact tells GlobeSt.com.

Built in 1988 for 7-Eleven’s predecessor, the Brazilian granite trophy has 180,700 sf or 13% of its space empty, according to the company. Most of Southland Corp.’s assets have now been sold, including the acreage across the freeway where a twin tower was supposed to rise along with a half dozen other buildings. In 1999, the name changed and the 7-Eleven chain dominated the focus, as it still does. The chain owns one-third of the 5,300-store branding in the US and Canada, with the balance held by franchisees. Licensing agreements are in place for another 19,400 stores in 17 countries.

As it now stands, 7-Eleven leases most of its US office space, but the landmark listing is clearly aligned with the economic gains from the sale than any intent to continue a disposition course that began in 1987. A bidding war is guaranteed, with the asset carrying a $120.9-million assessment and key location with easy freeway access to the north of the CBD and a 360-degree view of the city, a full-service conference center, cafeteria and 2,100-sf 7-Eleven concourse store.

7-Eleven hired Holliday Fenoglio Fowler LP’s Dallas team of Mark Gibson, HFF executive managing director, along with Jeffrey Stone and Andrew Levy, both senior managing directors, to steer the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.