ROSEVILLE, CA-A 7-Eleven/Shell Oil gas station has changed hands in a sale-leaseback deal. Located at 1213 Galleria Blvd., the combination 12-pump Shell gas station/car wash and 7-Eleven convenience store sits on a 1.2-acre parcel at the entrance to the 371,000-square-foot Creekside Town Center.
The deal includes a 20-year lease that was signed at the close of escrow and guaranteed by the single-unit operator. Colliers International targeted both investors and brokers nationally and locally and had “multiple offers to choose from.”
According to SVP Mehran Foroughi of the firm's Irvine office, who worked together with SVP Heath Charamuga and VP Mark Engemann, both in the firm's Sacramento office, Colliers was the third set of brokers to list the property. It was an Irvine-based colleague of the three listing brokers, SVP Robert Hoyt, who completed the deal with a Santa Monica-based investment client with a $3.3-million all-cash closing to satisfy 1031 exchange requirements.
According to Foroughi, the two other brokerage firms hadn't had any offers on the property. “The key to completing this transaction was the coordination of our offices that were separated by about 400 miles, but which allowed us to tap into a vast network of potential investors through our own brokers and those of outside firms up and down the state,” he says. “Due the favorable location and long term lease with nationally recognized tenant, we were successful in identifying the best suited buyer.”
The fact that the property “is located on one of the most highly travelled streets in the area and that it was a sale-leaseback proposition at a key entrance to such an upscale power center, were all attractive to my client,” Hoyt adds. “Traffic counts exceed 200,000 a day, it's right in the center of the city's major shopping district, and with a 6.18% cap rate and guaranteed triple-net increases annually, the decision was fairly cut and dry for my client.”
In addition to those factors, Charamuga adds, “the region is one of the fastest-growing in the state with population increases for Placer County in the last decade exceeding 42% and new housing units growing by as much as 50%. Roseville and Rocklin, the two suburbs that the center services, are among the wealthiest in terms of household income and home values in California.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
