Costa Mesa, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, recently arranged the sale of a 7-Eleven in Clearwater, FL for $5.38M. Senior Vice President & Senior Director of Net Lease, Aron Cline, was the lead agent in the transaction.
The retail property consists of 4,040 square feet and is located at 1971 Sunset Point Road in Clearwater, FL, about ¾ of a mile from Clearwater Airpark. The hard corner location is situated at the intersection of North Hercules Avenue and Sunset Point Road, which boasts a combined traffic count of ±65,600 vehicles per day. The newly remodeled property was converted to a 7-Eleven in 2018. There are no other gas stations at the site’s intersection, and it is secured by a 15-year corporate-backed lease with rental increases.
7‑Eleven is the largest convenience store chain in the world operating, franchising, and licensing more than 70,000 stores in 18 countries. It is also one of the nation’s largest independent gasoline retailers with over 11,000 stores in North America. 7-Eleven has an AA- S&P credit rating making them a diamond in the rough within the net lease space. Investors find the convenience store concept highly desirable, as it often remains unaffected by recessions and e-commerce in comparison with other product types.
Aron Cline was able to cast a wide net utilizing an extensive marketing approach; which enabled him to secure multiple offers. Aron managed to generate three full price offers with competitive backups, allowing for the property to sell at the asking price. Aron Cline has sold more 7-Eleven’s than any other agent in the nation throughout his tenure, excluding portfolio sales of 70 or more. Aron’s experience in the convenience store space played a key factor in the transaction.
“We were able to create a competitive bidding environment through generating multiple offers which led to us maximizing value for the seller,” said Senior Vice President & Senior Director Aron Cline. “At the same time, we were able to source a trade buyer through our broker network that was able to secure a highly desirable tenant such as 7-Eleven in a fantastic location.”
In 2019, Aron Cline finished as the top producing agent at Matthews™ with over 69 transactions completed and has already closed 7 transactions in 2020. Over the past three years, Aron has been involved in over 160 transactions totaling 1,540,533 square feet valued at approximately $470M, according to CoStar. Aron Cline was also recently named as one of GlobeSt’s Net Lease Rising Stars.
At the present time, Aron has a 7-Eleven in Kenosha, WI that is in escrow and set to close in the next two weeks. In addition, Aron Cline has several 7-Eleven’s listed for sale as well as a number of other free-standing single tenant net lease properties available nationally. For more information regarding the sale of the 7-Eleven in Clearwater, FL or if you have any other questions relating to net lease assets, please do not hesitate to contact Aron Cline. To view Aron’s current listings, please visit https://www.matthews.com/agents/aron-cline/.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.