- Absolute Triple Net - Zero Landlord Responsibilities
- Lease is Corporately Guaranteed by 7 Eleven, Inc. | S&P “AA-”
- Ten Percent Rent Increases Every Five Years in Remaining Options
- Excellent Street Side Visibility with Multiple Egress/Ingress Points
- Excellent Opportunity to Blend & Extend Lease with Investment Grade Tenant who Has Been Operating at Location for 25 Years
- Please Contact Broker for Sales Comps & Cap Rates of 7-11 NNN Leases with Longer Lease Terms
Fortis Net Lease is proud to present this recently extended 7-11 in Buffalo, New York off of Abbott Street which has a 25 Year Operating History. 7-11 originally signed a 15 Year NNN lease in 1993 when the property was a built to suit for the tenant. Since the original lease was signed, the tenant has executed 2, Five Year option periods leaving the property with 1 year remaining on the lease. The lease requires absolutely zero LL responsibility as the tenant is responsible for all CAM, Taxes, Insurance and Capital Repairs. This deal offers the investor passive cash flow while also being able to depreciate the asset and a significant chance to own a long term asset at a discounted cap rate because of lease term. The lease is guaranteed by 7-11, Inc.. (corporate), a public company (NYSE: SVEV) on the Fortune 500 list with an S&P credit rating “AA-”.
The asset is situated in Buffalo on the main thoroughfare of Abbott Road which boasts an average daily traffic count of over 15,000 VPD. The subject location is densely populated with over 188,000 residents within a 5 mile radius. Within 5 miles of the property, the average household income is over $57,000, which is largely contributed to it’s position as a part of the city of Buffalo.