A California-based family trust sold a 7-Eleven location it held in Newport Beach’s Balboa Peninsula for $5.2 million.
The sale represented a rare real estate transaction on Balboa Peninsula.
“This was a rare opportunity for an investor to own a property occupied by a high-credit, long-term tenant in one of the top beach city locations in the nation. This area has extremely high barriers to entry for retailers and rarely any triple-net retail for sale,” Kevin Held, the vice president of capital markets at Dallas-based SRS Capital Markets, said. “This high-profile asset provides a stable, passive, cash-flowing income for the new ownership.”
SRS Capital Markets represented the family trust that sold the 7-Eleven, which was located at 1920 W. Balboa Blvd., just south of Pacific Coast Hwy. The property was built in 1975.
The buyer was a California-based private investor. CoStar listed M David Family Holdings as the seller. SRS Capital Markets offered the 7-Eleven location on Balboa Peninsula, which had a net operating income of more than $260,000, at nearly $5.5 million.
The Dallas-based commercial real estate company separately announced the expansion of its Newport Beach office.
Jeff Straka, Debra Hoppe and Hannah Rogers joined SRS Capital Markets’ retail team in Newport Beach, leaving Main + Main to represents tenants in Southern California and beyond.
