Where Slurpees and gasoline flow, multimillion-dollar real estate deals seem to follow.
Two newly built 7-Elevens and five Wawa stores in the Richmond region sold this summer in three deals for a combined $47 million.
The 7-Eleven stores were at 4700 Walmsley Blvd. in South Richmond and 1301 N. Laburnum Ave. in Henrico. The Walmsley property sold in July for $5.6 million. The Laburnum site sold in June for $6.5 million.
Both locations, which include both a convenience store and petrol station, opened in recent months.
The seller in the Walmsley deal was Texas-based Verdad Real Estate, which last year bought what was then an old, shuttered 7-Eleven for $892,000. It promptly razed the building to make way for the new one, selling it to a trustee of the Barthell family out of Los Angeles, city records show.
On North Laburnum, the buyer was Miller Properties Virginia 1 LLC, an entity based in Fort Bragg, California. The seller was Creighton Construction & Development of Cape Coral, Florida. It purchased the site for $1.5 million in 2019.
The Walmsley 7-Eleven sits on 1.14 acres. The Laburnum plot is slightly larger at 1.64 acres.
None of the parties involved in either deal could be reached for comment.
7-Eleven corporate also has been active in buying convenience store and gas station properties around Richmond in recent years. In 2018 it bought 17 sites throughout the region for a combined $28 million.
Gotta buy a Wawa
The five local Wawa locations were sold as a portfolio deal totaling $35.2 million.
The stores are located at 6001 Iron Bridge Road ($8.14M) in Chesterfield, 8800 Brook Road ($7.6M) in Henrico, 3840 N. Bailey Bridge Road ($6.62M) in Midlothian, and 600 E. Hundred Road ($6.89M) and 11021 Iron Bridge Road ($5.88M) in Chester.
They all sold July 30 to an LLC tied to San Francisco-based Terminal Plaza Associates, according to county records.
The seller, according to a release from JLL, was a partnership between Provco, Goodman Properties and Pineville Properties.
The stores were all completed between 2000 and 2001, and each recently signed 20-year triple-net lease extensions with Wawa.
JLL Capital Markets represented the seller, with Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew working the deal. The buyer was represented by Patrick Luther of SRS Real Estate Partners and Phil Sambazis of Marcus and Millichap.