{"id":1004169404,"date":"2017-03-15T04:22:10","date_gmt":"2017-03-15T12:22:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004169404"},"modified":"2022-12-08T00:54:56","modified_gmt":"2022-12-08T08:54:56","slug":"hampton-roads-7-eleven-portfolio-trades-for-24m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hampton-roads-7-eleven-portfolio-trades-for-24m\/","title":{"rendered":"Hampton Roads 7-Eleven Portfolio Trades for $24M"},"content":{"rendered":"

By Mihaela Coste<\/em><\/p>\n

\"The<\/a>

The 7-Eleven Portfolio<\/p><\/div>\n

Hampton, Va.<\/strong>\u2014Marcus & Millichap recently announced that it has closed the sale of a nine-property portfolio located throughout\u00a0the Tidewater region of Virginia for $23.6 million. The properties are leased to 7-Eleven Inc. and three of them are situated in Hampton, two in Williamsburg, Va. and the others are located in Poquoson, Va., Newport, Va., News, Va., Gloucester, Va. and Surry, Va.<\/p>\n

A privately held local owner sold the assets\u00a0to an undisclosed REIT. Marcus & Millichap’s Senior Managing Director Mark Taylor, First Vice President of Investments Derrick Dougherty and Associate David Becattini represented the seller and procured the buyer. The company\u2019s broker of record in Virginia was Bryn Merrey, senior vice president & division manager at\u00a0the firm\u2019s Washington, D.C. office.<\/p>\n

The properties represent some of the oldest and strongest 7-Eleven stores in the market, being a vital and central part of each community that they serve. The nine leases are all\u00a0absolute net leases with all taxes, insurance, utilities and operating costs falling on the\u00a0tenant. Furthermore, the leases\u00a0feature 10 percent rent increases every five years.<\/p>\n

\u201cThe portfolio was at one time part of a large convenience store chain and according to the chain\u2019s founder, these stores were the best,\u201d said Taylor, in a prepared statement. \u201cWe presented the opportunity to buyers from throughout the investment spectrum locally, regionally and nationally, and then transformed the significant interest that we generated into the successful closing of all nine assets.\u201d<\/p>\n

\u201cThe stores and gas stations contained in this portfolio have operated successfully for decades in strong and well-established markets,\u201d added Dougherty.<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus & Millichap represented the seller and procured the buyer.<\/p>\n","protected":false},"author":1192,"featured_media":1004169405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,11,21742,21749,36153],"tags":[34436,34438,32864,34437],"class_list":["post-1004169404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-midatlantic","category-latest","category-retail","category-richmond-hampton-roads","tag-7-eleven","tag-bryn-merrey","tag-marcus-and-millichap","tag-mark-taylor"],"acf":[],"yoast_head":"\nHampton Roads 7-Eleven Portfolio Trades for $24M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hampton-roads-7-eleven-portfolio-trades-for-24m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hampton Roads 7-Eleven Portfolio Trades for $24M\" \/>\n<meta property=\"og:description\" content=\"Marcus & Millichap represented the seller and procured the buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hampton-roads-7-eleven-portfolio-trades-for-24m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-15T12:22:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T08:54:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/7-Eleven-Va.-Portfolio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"293\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mihaela Coste\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hampton-roads-7-eleven-portfolio-trades-for-24m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hampton-roads-7-eleven-portfolio-trades-for-24m\\\/\"},\"author\":{\"name\":\"Mihaela Coste\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/84db22c1406ebbb161906ccf4f43d508\"},\"headline\":\"Hampton Roads 7-Eleven Portfolio Trades for $24M\",\"datePublished\":\"2017-03-15T12:22:10+00:00\",\"dateModified\":\"2022-12-08T08:54:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hampton-roads-7-eleven-portfolio-trades-for-24m\\\/\"},\"wordCount\":292,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hampton-roads-7-eleven-portfolio-trades-for-24m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/03\\\/7-Eleven-Va.-Portfolio.jpg\",\"keywords\":[\"7-Eleven\",\"Bryn Merrey\",\"Marcus and Millichap\",\"Mark Taylor\"],\"articleSection\":[\"Deals\",\"Mid-Atlantic\",\"News\",\"Retail\",\"Richmond\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hampton-roads-7-eleven-portfolio-trades-for-24m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hampton-roads-7-eleven-portfolio-trades-for-24m\\\/\",\"name\":\"Hampton Roads 7-Eleven Portfolio Trades for $24M - 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