Newly minted 7-Eleven property trades for $5.486M


A recently redeveloped retail property in Fort Salonga has sold for $5.486 million. 

New Haven Capital Partners LLC, an entity registered to a Manhasset-based real estate investor, purchased the 2,994-square-foot building on .82 acres at 9 Route 25A. 

The Fort Salonga property, which had been occupied by a Capital One Bank branch, is now leased to 7-Eleven. The former bank branch had been vacant for several years after it was closed. 

Woodmere-based developer Basser-Kaufman purchased the site in Dec. 2019 for $775,000, according to public records. The company then redeveloped the property, signing 7-Eleven to a 15-year, triple-net lease. The 7-Eleven opened earlier this year. 

Randy Blankstein and John Feeney of Wilmette, Ill.-based Boulder Group represented the buyer, while John Thomas of Select Real Equity Advisors represented seller Basser-Kaufman in the sales transaction. 

“Even with the impact of recent interest rate movements, well-located investment grade, triple-net-leased assets continue to be priced aggressively and are in very high demand with 1031 investors,” Thomas said.





Image and article originally from libn.com. Read the original article here.