Pinnacle Announces Sale of 7-Eleven in Richmond, Virginia
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1301 N Laburnum Avenue in Richmond, VA. This 7 Eleven is a Single Tenant Net Leased property built in 2019 with a brand new 15 Year Absolute Net Lease that sold for $6,500,000 ($1,889.53/SF) at a 5.20% Cap Rate. Elizabeth Morgan and Cody Stambaugh with Pinnacle Real Estate Advisors represented the Buyer in the transaction.
“We were pleased to represent the Buyer in the purchase of the 7 Eleven. The Buyer was in a 1031 Exchange and this was his up-leg in the transaction. My business partner, Cody Stambaugh and I were introduced to the Buyer three days before his 1031 identification deadline and worked diligently searching the U.S. market to find the perfect investment for him and his family. Our Buyer will make a higher return than most new construction 7 Eleven investments and he will enjoy collecting rent with zero responsibilities,” stated Liz Morgan, Senior Advisor with Pinnacle Real Estate.