March 9, 2020 – JLL Capital Markets announced today that it has closed the $6.25 million sale of a 2,990-square-foot, single-tenant retail building triple net leased to 7-Eleven at a “main and main” location in downtown Orlando.
JLL marketed the property on behalf of the seller, Colonial 7-Eleven LLC. Massimo Guarini, a private investor, purchased the asset. The sale had a 4.17% capitalization rate, which is the lowest recorded cap rate for a 7-Eleven outside of California.
With more than 66,000 stores serving 17 countries, 7-Eleven, Inc. (S&P: AA-) is the world’s largest store chain in the convenience retailing industry. Situated on .85 acres at 83 E. Colonial Dr., the property is at the “main and main” intersection of E. Colonial Dr. and Magnolia Ave. in downtown Orlando. Opened in 2000, it is the top-performing 7-Eleven in the Orlando MSA and the only fueling station option for the 64,000 vehicles per day accessing Interstate 4 East.
The JLL Retail Capital Markets team that represented the seller was led by Senior Director John Krzyminski and Associate Max Krzyminski.
According to John Krzyminski, this record-breaking 7-Eleven transaction shows how strong the net-leased market is in Orlando.
“Orlando has a lot of strong real estate fundamentals and is a leader, nationally, in a lot of economic categories such as job and population growth and is continuing to attract attention from different sectors like technology, defense and financial to name a few,” he said.