The Newport Beach-based SRS Real Estate Partners Capital Markets team has sold a total of 33 7-Eleven-occupied properties over the past 18 months, valued at $242 million with an average cap rate of 5.27%.

Additionally, SRS has 24 7-Eleven assets currently in escrow or on the market with a combined value of approximately $160 million. All the assets are single-tenant properties with 12 or more years remaining on the lease term.

“Over the past 12 months or so, we have observed that cap rates for 7-Eleven stores are holding steady despite the higher interest rate environment,” said Patrick Luther, SRS EVP and managing principal. “Additionally, the absorption of 7-Eleven assets outpaces comparable credit tenants such as drug store and coffee brands and we have not seen values erode or cap rates rise as much for this brand. Investors are benefitting from the long-term stability, high traffic locations and strong credit rating of this internationally recognized chain.”

Over the past 18 months, SRS has sold 7-Eleven assets in California, Colorado, Connecticut Florida, Nevada, New York, New Jersey, North Carolina, South Carolina, Oklahoma, Tennessee and Texas. The company has properties on the market in California, Florida, New Jersey, North Carolina, South Carolina, Tennessee and Texas.