New prototype 7-Eleven store sold in the Sarasota MSA
JLL brokered the $2.89M sale of the first-of-its-kind convenience store
ORLANDO, November 13, 2019 – JLL announced today that it has closed the $2.89 million sale of a 0.95-acre, single-tenant parcel that is ground leased to a new prototype 7-Eleven store within the Lakewood Ranch master-planned community in Bradenton, Florida.
JLL marketed the property on behalf of the seller, a partnership between North American Development Group and Argosy Real Estate Partners.
With more than 66,000 stores serving 17 countries, 7-Eleven, Inc. (S&P: AA-) is the world’s largest store chain in the convenience retailing industry. 7-Eleven fronts The Green at Lakewood Ranch, a newly built shopping center home to Earth Fare, LA Fitness, Starbucks, CVS, Panera Bread and more. The 7-Eleven store features a modern design with dark stone façade accents to complement the shopping center. It is within the 31,000-acre Lakewood Ranch award-winning master-planned community located on the line of Sarasota and Manatee counties on Florida’s west coast. Within a three-mile radius, the population exceeds 38,000, average household incomes are nearly $125,000 and businesses employ over 15,000 people. Only 17 submarkets in all of Florida can match the demographics surrounding 7-Eleven in Lakewood Ranch.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson and Director Michael Brewster along with Managing Director Marc Mandel and Director Steve Schrenk.
“7-Eleven at Lakewood Ranch fulfills a deep need for a best-in-class convenience store and fueling station along FL-70 in one of the fastest-growing communities in the U.S.,” Brewster said. “7-Eleven will benefit from phenomenal residential growth and a projected four million square feet of medical, life sciences, research, office and hotel space to be added next door at the CORE at Lakewood Ranch.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About North American Development Group
North American Development Group (“NADG”) was founded in 1977 and is a full-service real estate platform with over $4.5 billion of assets under management. NADG has been active in the acquisition, development, redevelopment and management of over 250 shopping centers, mixed-use developments and residential communities comprising well over 35 million square feet across Canada and the United States. NADG operates within four distinct platforms: NADG Retail, NADG Residential, NADG Land and NADG Private Equity. NADG’s team of over 235 professionals are in 11 offices across North America, six in Canada and five in the United States. For more information visit nadg.com.
About Argosy Real Estate Partners
Argosy Real Estate Partners (“AREP”) specializes in opportunistic real estate investments in the middle market throughout the U.S. Through joint venture structures, AREP partners with entrepreneurial operating partners who possess market knowledge and a track record in their respective markets. Over the past 29 years, AREP has been investing capital on behalf of institutional investors, family offices and high net worth individuals, and currently has over $1.1 billion in gross real estate assets and uncommitted equity capital under management. AREP is a division of Argosy Capital Group, Inc. together with Argosy Private Equity and Argosy Credit Partners. For more information on AREP, please visit argosyrep.com.