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DETROIT -- A 7-Eleven franchisee has put a for-sale sign on 11 convenience stores in the Detroit metropolitan area.
According to the Detroit News, the 11 7-Eleven c-stores, valued at $19 million, are unique because of their locations and high lease renewal rates. The 11 stores represent less than 10 percent of the total number of 7-Eleven locations in Michigan.
Southfield, Mich.-based Marcus & Millichap Real Estate Investment Service received the exclusive listing on the properties last week. "You've got viable corner sites with gas pumps and convenience stores," Simon Jonna, vice president of investments for Marcus & Millichap, told the newspaper. "These are like 11 mini-Walmarts."
The seller of the properties, who has not been named, is a private partnership that has owned the c-store sites for more than 10 years and is seeking one buyer for all of the locations, the news outlet reported.
The real estate listing has already received plenty of interest from potential buyers in Hawaii, New York and other areas, Jonna said.
The seller hopes to close on the property sale by the end of the year, according to the news source.
The store leases range from four to 10 years. All of the sites were built between 1998 and 2003, except for one location in Warren, Mich., which was built in 1968.