7-Eleven

Fort Lauderdale, FL

Properties Details

Wells Net Lease is pleased to present for sale this trophy freestanding new construction, 7-Eleven ground lease located just before the 17th Street Causeway to Fort Lauderdale Beach in Fort Lauderdale, Florida. This ground lease is NNN and features absolutely zero landlord responsibilities. The lease has three 10% rental increases every 5 years through the initial 15 year term and each five year option period.

The property is a redevelopment of an existing gas station with construction estimated to start in January 2023 and a rent commencement date of November 26, 2022. It is located 1 ½ miles from Fort Lauderdale Beach along 17th Street just off US 1 with traffic counts of 45,000 cars per day just before the 17th Street Causeway. 17th Street serves as one of two causeways providing access for millions of tourists annually to the world famous beaches and hotels of Fort Lauderdale Beach.

Property Highlights

  • Price: $4,824,000
  • Cap Rate: 4.25%
  • Lease Type: Ground Lease NNN
  • Lease Expiration: 2/26/2037
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