MARCUS & MILLICHAP ARRANGES THE SALE OF A 7-ELEVEN PORTFOLIO IN NEW JERSEY

BUTLER & PLAINFIELD, NJ, October 28, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of a portfolio consisting of two 7-Eleven locations located in Butler & Plainfield, NJ. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the portfolio sold for $4,650,000.

Derrick Dougherty, Pavan Koneru and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Joseph Sigal, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office. “The seller, a local client based in New York City who owns a portfolio of similar NNN assets, connected with a REIT out of the Midwest that sought to add these two sites to their portfolio of similar corporate convenience stores.”, said, Koneru.

The first part of the portfolio is located at 1284 NJ-23 in Butler, NJ. 7-Eleven is strategically located near the signalized, hard corner intersection of Route 23 & Boonton Avenue, which sees traffic counts in excess of 61,000 vehicles per day. The asset is ideally positioned along the main retail thoroughfare being on Route 23, & only minutes from Interstate 287 (100k VPD). The tenant has (5) years remaining in their Original lease term; in addition to three (5) year option periods to extend granted to Tenant. The lease features a 15% rental increase in the option periods. “The property benefits from positive real estate fundamentals, sitting on a large parcel and is located on a corridor with over 1 million square feet of retail in the immediate trade area.”, said Koneru.

The second part of the portfolio is located at 1478 South Avenue in Plainfield, NJ. 7-Eleven is strategically located near the signalized, hard corner intersection of South Avenue & Terrill Road, which sees combined traffic counts in excess of 15,000 vehicles per day. The asset is ideally positioned along the main retail thoroughfare being on South Avenue, surrounded by other national/credit tenants. The tenant has (5.5) years remaining in their Original lease term; in addition to two, (5) year option periods to extend granted to Tenant. The lease features a 15% rental increase in the option periods. “This stretch of South Avenue, and this site specifically, will benefit from local development, including the 212-unit apartments being built just behind this site, adding to the already dense demographics of the local submarket.”, said Koneru.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.