🏪 7-Eleven to Acquire 204 Sunoco Stores, Including Stripes and Laredo Taco Company Restaurants

7-Eleven Expands its Footprint with Acquisition of Sunoco LP Stores

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  • 7-Eleven Expands its Footprint with Acquisition of Sunoco LP Stores

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SLURPEE SPREE

7-Eleven Expands its Footprint with Acquisition of Sunoco LP Stores (Read More)

7-Eleven, Inc.

7-Eleven Expands: Convenience store giant 7-Eleven is set to acquire 204 stores from Sunoco LP, including Stripes convenience stores and Laredo Taco Company restaurants, for approximately $1 billion.

  • Deal Details: The stores being acquired are located in West Texas, New Mexico, and Oklahoma, and will join the 13,000+ locations already operated by 7-Eleven in the US and Canada.

  • CEO's Statement: Joe DePinto, CEO of 7-Eleven, expressed excitement about welcoming the remaining Stripes stores and Laredo Taco Company restaurants to the family and serving more customers in the targeted regions.

  • Closing Conditions: The transaction is expected to close after meeting standard closing conditions and obtaining necessary regulatory clearance.

  • Proceeds: Sunoco said it will use proceeds from the sale to reduce debt and “execute on future growth opportunities.”

🧠 EDITOR’S THOUGHTS

As the foremost operator, franchisor, and licensor of convenience stores globally, 7-Eleven holds a prominent position in the net lease investment sales market. The majority of 7-Eleven stores, often situated at corner locations, boast heightened visibility and exceptional access, with many featuring filling stations.

In the realm of net lease, it is crucial to distinguish between walk-up, gas, and non-gas 7-Eleven locations. Across all types, 7-Eleven units are typically positioned on sites witnessing a daily traffic volume of 25,000 passing vehicles. This, coupled with specific real estate criteria for 7-Eleven sites, significantly augments the intrinsic value of these net lease properties.

Regarding gas station sites, 7-Eleven favors ground leases at corner locations or Shopping Center outparcel sites, spanning 0.8 to 1.0 acre of land in high-traffic areas. These leases typically extend for 15-20 years, featuring rent increases of 10%-15% every five years. Notably, 7-Eleven is actively expanding its non-gas C-store concept, targeting locations in small retail strip centers, retail condo spaces, and single tenant sites. This innovative concept accommodates smaller parcels with buildings ranging from 1,000 to 2,500 square feet, providing investors with opportunities in high-barrier-to-entry markets.

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NET LEASE NUGGIES

  • Publix opens its first store in Kentucky. The 55,701-sq.-ft. location at the Terra Crossing Shopping Center in Louisville includes a drive-thru Publix Pharmacy and an adjacent 3,200-sq.-ft. Publix Liquors, the first outside of Florida. Five more Publix stores are planned across Kentucky, creating over 900 new jobs. The new store features a fresh pizza kitchen, a Pours area offering kombucha, acai bowls and smoothies, custom subs, a food and soup bar, scratch bakery, and on-site meat cutters. (Read More)

  • District Taco Achieves Significant Growth and Development District Taco has experienced a year of impressive growth and development, surpassing franchise goals and opening new units. The fast-casual restaurant brand has focused on operational achievements and aims to open at least 6 locations this year. With a commitment to responsibly sourced ingredients and eco-friendly packaging, District Taco aims to lead the way in sustainable dining. The brand is actively seeking franchise partners to continue its expansion. (Read More)

  • Ziggi's Coffee opens first location in St. Peters, Missouri - Ziggi's Coffee is set to open its first location in St. Peters, Missouri, on January 16th. The new location will feature a drive-thru with a walk-up window and covered outdoor seating. Owners Chad & Abbey Brenneman and Kevin Dameron chose Ziggi's for its commitment to quality, community, and innovation in the coffee industry. The owners aim to provide a moment of connection and a quick indulgence for customers in the St. Peters community. (Read More)

  • Next Level Burger acquires Veggie Grill, creating largest plant-based restaurant platform in the US. Next Level Burger has purchased Veggie Grill, forming the largest plant-based-only restaurant platform in the US. The acquisition comes after Veggie Grill closed a significant number of its stores in 2023 and launched a franchising initiative. Next Level Burger plans to implement changes in sourcing ingredients and ensuring living wages for team members. The two chains, which have a combined total of 27 units, aim to take plant-based dining to the "Next Level." (Read More)

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