Madera, California, isn’t exactly a tourist trap. The small Central Valley city, with a population of about 69,000, sits along Highway 99, functioning more as an agricultural town and Yosemite gateway than as anything resembling a destination. But its first 7-Eleven just became the most expensive in California history.
The store sold for $12.18 million just weeks after opening in late April, setting a California record for a single-tenant 7-Eleven, according to the California Post.
The buyer, a private investor from the Bay Area, purchased the 4,644-square-foot franchise store on a 4.04-acre lot through a 1031 exchange. The property comes with a 15-year triple-net lease, a commercial diesel fueling station, and EV charging stations.
“This prototype is the first of its kind to sell in California as a single-tenant asset,” Sean Cox of Hanley Investment Group told The Post. The project took four years to complete, involving infrastructure work, fuel design and environmental reviews. Stock Five Development Company of Clovis sold the property.
Madera, California, isn’t exactly a tourist trap. The small Central Valley city, with a population of about 69,000, sits along Highway 99, functioning more as an agricultural town and Yosemite gateway than as anything resembling a destination. But its first 7-Eleven just became the most expensive in California history.
The store sold for $12.18 million just weeks after opening in late April, setting a California record for a single-tenant 7-Eleven, according to the California Post.
The buyer, a private investor from the Bay Area, purchased the 4,644-square-foot franchise store on a 4.04-acre lot through a 1031 exchange. The property comes with a 15-year triple-net lease, a commercial diesel fueling station, and EV charging stations.
“This prototype is the first of its kind to sell in California as a single-tenant asset,” Sean Cox of Hanley Investment Group told The Post. The project took four years to complete, involving infrastructure work, fuel design and environmental reviews. Stock Five Development Company of Clovis sold the property.