Los Angeles, Calif. – Avison Young announced today it has completed the approximately $6.3 million acquisition of a 4,821-square-foot retail property occupied by 7-Eleven with a Laredo Taco restaurant on-site as well. Built in 2021 and situated on 1.91 acres, the property has a new 15-year absolute triple-net lease in place with scheduled rent escalations.

Avison Young Principal Mitch Stokes who is based in the firm’s West Los Angeles office represented the buyer, a Southern California-based private investor who was in a 1031 exchange. The seller, Prudent Development, was represented by Matthew Scow of Secure Net Lease.

“In May I represented my client in the $5 million sale of a 3,049-sf medical office building located at in downtown Santa Monica, CA,” said Stokes. “I then worked with them to identify the upleg in this 1031 exchange and acquire this cash-flowing, newly developed asset occupied by 7-Eleven, a global investment grade tenant, in a densely populated and growing submarket of San Antonio. This was a very strategic, long-term investment and will provide my client with long-term stability and no landlord responsibilities.”

The asset is located directly off I-35 in the heart of New Braunfels with other nearby national retailers including Lowe’s, Walmart Supercenter, PetSmart, and Planet Fitness among others.