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JLL is pleased to present for sale a 2020-construction 7-Eleven (the “Property”) located in the Ravenswood neighborhood of Chicago, only six miles north of the CBD. Situated at the heavily trafficked intersection of Lawrence & Ashland, the Property benefits from 50,000+ vehicles per day and offers immediate access to Lake Shore Drive’s 170,000 daily drivers. The surrounding 1-mile radius is densely developed with 4.9 million square feet of retail inventory and 78,000 residents. The high traffic counts and substantial population base were key drivers behind 7-Eleven’s decision to open this location and sign a 15-year, triple-net lease.
7-Eleven boasts an impeccable “A” credit rating from S&P and is the largest convenience store operator in North America, counting over 14,000 stores in the US alone, including 3,900 stores absorbed in May 2021 as part of the monumental $21 billion Speedway acquisition. As the industry leader in the convenience store space, 7-Eleven’s massive scale, global brand recognition, and high-quality credit profile offer interested investors excellent rental income certainty.
Investors have the exceptional opportunity to purchase a newly constructed convenience store / gas station asset in a connected commercial corridor, with top national tenancy, at a competitive price amidst the current market environment. JLL is pricing this opportunity at a 4.75% cap rate, equivalent to $6.00 million, and encourages interested buyers to submit their bids in a timely fashion as they will be accepted on a rolling basis.
- 15-year NNN firm term with 7.5% bumps every 5
- "A" credit rating from the #1 Convenience Store Chain in the USA
- May 2021 acquisition of Speedway's 3,900 US stores cements 7-Eleven's industry-leading position
- Highly desirable combo of convenience store + gas station (8 pumps)
- Hard-corner, signalized intersection experiencing 50,000+ VPD
- 480,000 people + 13,500 businesses in 3-mile radius