639 Route 9 in Freehold — Courtesy: Marcus & Millichap
By Joshua Burd
A local investor has purchased a net-leased 7-Eleven property in Freehold for $4.7 million, in a deal arranged by Marcus & Millichap.
Brokers with the firm represented an undisclosed seller in the transaction at 639 Route 9, which includes a 3,101-square-foot convenience store and a 12-pump fueling station. They noted that the property drew extensive interest thanks in part to a new 15-year, triple-net lease, plus a location at a signalized intersection with more than 47,000 vehicles passing daily.
“Credit tenant net lease properties continue to outperform the market and are a natural fit for many 1031 exchange investors,” said Alan Cafiero, senior managing director for investments with Marcus & Millichap. “The combination of credit, quality and location created high demand from a wide array of buyers.”
Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in the firm’s New Jersey office, made up the listing team. Mark Krantz and Derrick Dougherty of Marcus & Millichap’s Philadelphia office procured the buyer.
In announcing the deal, Marcus noted that the 7-Eleven is near multiple access points including Route 33 and Interstate 195. The location also benefits from strong local demographics, with an average household income exceeding $153,000 within a one-mile radius.
“The purchaser was extremely excited about this opportunity because this 7-Eleven was a relocation store in phenomenal growing submarket,” said Krantz, a first vice president for investments. “It has been a common trend in the industry for convenience stores to relocate from inline locations to standalone properties featuring gas to increase and diversify the revenue streams.”
