RealSource Group closed the sale of a single-tenant 7-Eleven convenience store and fuel station in Oakley. Although the sale price and cap rate were not disclosed, the transaction represents the lowest cap rate recorded for a 7-Eleven ground lease in California with less than 10 years remaining on the lease in the past three years, according to CoStar.
Senior associate Jonathan Schiffer and SVP Austin Blodgett represented the seller, California Capital & Investment Group, a private investment firm based in the Bay Area. The buyer, 7-Eleven, Inc., exercised its right of first refusal after the RealSource team sourced competitive offers.
Built in 2019, the 3,795-square-foot building sits on a 1.26-acre parcel at 1050 Laurel Rd. at the signalized intersection of Laurel Road and O’Hara Avenue, which sees more than 32,000 vehicles per day. The property is subject to a triple-net ground lease with over nine years remaining on the initial 15-year term.
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