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Avison Young completes $6.3 million acquisition of a 7-Eleven property in New Braunfels, TX
June 28, 2023
Los Angeles, Calif. – Avison Young announced today it has completed the approximately $6.3 million acquisition of a 4,821-square-foot retail property occupied by 7-Eleven with a Laredo Taco restaurant on-site as well. Built in 2021 and situated on 1.91 acres, the property has a new 15-year absolute triple-net lease in place with scheduled rent escalations.
Avison Young Principal Mitch Stokes who is based in the firm’s West Los Angeles office represented the buyer, a Southern California-based private investor who was in a 1031 exchange. The seller, Prudent Development, was represented by Matthew Scow of Secure Net Lease.
“In May I represented my client in the $5 million sale of a 3,049-sf medical office building located at in downtown Santa Monica, CA,” said Stokes. “I then worked with them to identify the upleg in this 1031 exchange and acquire this cash-flowing, newly developed asset occupied by 7-Eleven, a global investment grade tenant, in a densely populated and growing submarket of San Antonio. This was a very strategic, long-term investment and will provide my client with long-term stability and no landlord responsibilities.”
The asset is located directly off I-35 in the heart of New Braunfels with other nearby national retailers including Lowe’s, Walmart Supercenter, PetSmart, and Planet Fitness among others.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community. Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years. www.avisonyoung.com Follow Avison Young Twitter (News)│Twitter (Deals)│Blog│LinkedIn│YouTube│Instagram For moreinformation: Media Contact: Darcie Giacchetto, Media Relations & Content Specialist – Southwest: +1.949.278.6224