7-Eleven Exercises Right of First Refusal, Acquires Oakley Store

RealSource Group closed the sale of a single-tenant 7-Eleven convenience store and fuel station in Oakley. Although the sale price and cap rate were not disclosed, the transaction represents the lowest cap rate recorded for a 7-Eleven ground lease in California with less than 10 years remaining on the lease in the past three years, according to CoStar.

Senior associate Jonathan Schiffer and SVP Austin Blodgett represented the seller, California Capital & Investment Group, a private investment firm based in the Bay Area. The buyer, 7-Eleven, Inc., exercised its right of first refusal after the RealSource team sourced competitive offers.

Built in 2019, the 3,795-square-foot building sits on a 1.26-acre parcel at 1050 Laurel Rd. at the signalized intersection of Laurel Road and O’Hara Avenue, which sees more than 32,000 vehicles per day. The property is subject to a triple-net ground lease with over nine years remaining on the initial 15-year term.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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