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Hanley Investment Group Real Estate Advisors has arranged the pre-sale of a newly built, single-tenant 7-Eleven commercial fueling lanes prototype in San Bernardino. The asset, described as the first commercial fueling lanes prototype of its kind to be marketed and sold in California, traded for $3.03 million under a new 15-year absolute triple-net ground lease with 7-Eleven.
The commercial fueling lanes are positioned next to a new large-format 7-Eleven convenience store that includes a Laredo Taco Company offering and a gas station. That adjacent convenience store and fuel facility were sold in a separate transaction by Hanley Investment Group in January 2024, and were also developed by the same sponsor.
The San Bernardino fueling lanes deal is structured as a ground lease with 7-Eleven as the single tenant, with the lease term commencing formally at a later date. Despite this delayed rent start, the sale was completed before rent commencement, giving the buyer fixed visibility into an upcoming income stream under an absolute triple-net structure, in which the tenant is responsible for all property-level expenses.
Hanley Investment Group executives Bill Asher, executive vice president, and Jeff Lefko, executive vice president and partner, represented the developer and seller, Chase Partners Ltd., in the marketing and sale of the ground lease. Chase Partners, based in Glendale, served as the developer for both the commercial fueling lanes prototype and the neighboring 7-Eleven convenience store and gas station.
The buyer was described as a private investor from Orange County, represented by Jonathan Selznick of Lee & Associates in Carlsbad. While the parties did not disclose the investor’s specific strategy, the acquisition adds a newly constructed, net-lease retail asset with a long initial term to the buyer’s portfolio.
According to Hanley Investment Group, the transaction closed approximately five and a half months before 7-Eleven’s formal rent commencement on the ground lease. Pre-construction or pre-rent-commencement closings for this particular fueling lanes prototype are characterized in the deal narrative as extremely uncommon, underscoring the unusual timing and execution of the sale.
The combination of a long-term, absolute triple-net ground lease, national credit tenancy and a specialized fueling configuration differentiates this asset from a typical single-tenant convenience store deal. Together with the earlier sale of the adjacent store and gas station, the prototype transaction illustrates an active investment market for net-lease retail formats tied to 7-Eleven-branded concepts in this part of California.
The post Hanley Investment Group Arranges $3.03M Sale of 7-Eleven Fueling Prototype in San Bernardino appeared first on CRE Market Beat.
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