Northmarq Brokers 1031 Exchange Sale of 7-Eleven Convenience Store Near San Francisco, California


Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail convenience store and gas station leased to 7-Eleven. Located at 3868 Delaware Drive in Fremont, California in the San Francisco Bay area, the 2,400-square-foot property sold at a 3.25 percent cap rate. Mike Matter of Northmarq represented the seller in a 1031 exchange. The property was acquired by a California-based private investor for approximately $2.3 million.

“There was significant interest in the offering due to the location having high barriers to entry, a short-term lease and low relative rents,” said Matter, Director in Northmarq’s Newport Beach, California office. “We were able to generate seven offers and ended up selling over the list price.”

7-Eleven has occupied the property since it was originally built in 1977. The site is situated on 0.5 acres in a dense residential area just north of an industrial complex with national operators including the 4.4 million-square-foot Tesla manufacturing center. The tenant operates on a corporate guaranteed triple net lease.

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About Northmarq:

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. To learn more about Northmarq, please visit: