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Thursday, Feb 22, 2024

7-Eleven Property in Chatsworth Sells for $4.6 Million

A 2,500-square-foot convenience store and full-size service station property net leased to 7-Eleven in Chatsworth has sold for $4.6 million, or $1,840 per square foot. 

NAI Capital Commercial Investment Services Group Senior Vice President Mehran Foroughi represented the buyer, a California-based private investor, in the transaction. Alex Kozakov and Patrick Wade of CBRE Group Inc. represented the seller, Desoto Holding.  

Located on the corner of Nordhoff Street and De Soto Avenue at 9108 De Soto Ave., the 7-Eleven stands in a high-traffic trade area. The building sits on an approximately 22,000-square-foot property with direct access from the 101, 118, and 405 freeways.   

The property is leased to 7-Eleven Inc. on a 20-year triple-net lease. 

“(The) 7-Eleven property was built in 2021 as part of (a) lager development,” Mehran said in a statement. “This is a 20-year lease, which is a solid investment for my client, with the security of a corporate guaranty from a billion-dollar company. My client is thrilled to add this investment to their portfolio.” 

The purchase price per square foot on the 7-Eleven property scaled high in comparison to recent San Fernando Valley retail purchases. In Reseda last month, Branden Steven Motors purchased a 34,476-square-foot retail property at 7514 Reseda Blvd. from Ken Garff Automotive Group for $10.8 million, or $313 per square foot. In Woodland Hills in July, three properties at 20929 Ventura Blvd comprising the 66,721-square-foot Valley Country Market Shopping Center were bought by Brickstar Capital from Atlas Capital Group for $19.7 million, or $295 per square foot. 

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is Interim Editor at the Los Angeles Business Journal and the Inside The Valley. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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