7-Eleven

Highlights

• CORPORATE ABSOLUTE NNN LEASEHOLD - Just under 9 years remaining on Corporate Absolute NNN Leasehold with 10% rent increases every 5 years in initial term and option periods.
• HIGH TRAFFIC SITE - Located at the Hard Corner of intersection S Congress Avenue/E Stassney Lane (55,000 VPD), just northwest of I-35 (176,000 VPD).
• BONUS DEPRECIATION - Leasehold ownership of a Gas Station provides the landlord the opportunity to use accelerated Bonus depreciation model (see Page 7). Consulting your Accountant or Tax Attorney is advised.
• EXCELLENT LOCATION - Well-located asset within the growing Greater Austin MSA. High visibility and great site design to maximize tenant exposure. Positioned near more than 50 major neighboring National Retailers including Lowe's, Home Depot, Starbucks, Dollar General, Advance Auto Parts, CVS, Walgreens, AutoZone, McDonald's, Domino's, Sonic, and HEB to name a few.
• AIRPORT PROXIMITY - Within 8 miles of Austin-Bergstrom International Airport, which serves over 20 airlines and has 28,000 passengers flying in and out every day.
• STRONG ECONOMY - Texas is the World's 9th Largest Economy with a gross domestic product totaling $1.9T, ahead of Canada, Brazil, Russia, and South Korea.
• TAX FREE STATE - Texas is one of nine states with no state income tax.

Description

Prime Net Lease is pleased to present a high performing 7-Eleven located in Austin, Texas. There are currently 8+ years remaining on the current corporately guaranteed Aboslite NNN Leasehold with Four, 5-year options left. The lease features 10% rental increases every 5 years, which continue through each option, to help hedge against inflation.

This 7-Eleven is highly visible as it is strategically positioned in Austin, TX. There are several large retail centers close by that help drive traffic to the site including Dollar Tree, Advance Auto Parts, HEB, Lowe's, CVS, Big Lots, Walmart, Home Depot, McDonald's, Twin Peaks, Taco Bell, Church's Chicken, Domino's, and many many more. Austin is the capital city of the U.S. state of Texas, as well as the seat and most populous city of Travis County, with portions extending into Hays and Williamson counties. it is the 10th-most populous city in the United States, the fourth-most populous city in Texas, and the second-most populous state capital city. It has been one of the fastest growing large cities in the United States since 2010. Austin is the southernmost state capital in the contiguous United States and is considered a Beta-level global city as categorized by the Globalization and World Cities Research Network.

This location was the first North Texas-area Evolution Store outside of Dallas County. Each new generation of 7-Eleven Evolution Stores set a new benchmark for convenience retailing. Each 7-Eleven Evolution Store is an experiential testing ground where customers can try and buy the retailer’s latest innovations in a pioneering store format. While all Evolution Stores include a restaurant concept, no two locations are exactly alike as the retailer continues to tweak the design and product mix based on customer feedback and shopping habits. The most popular features, however, have become staples that knowing customers seek out. In addition to the Laredo Taco Company taqueria, the Prosper 7-Eleven Evolution Store offers an assortment of exclusive products, services and features customized to the neighborhoods and customers they serve. The most popular features include self-serve specialty espresso coffee drinks, on-tap novelty beverages, cookies and croissants baked fresh in store, a wide selection of national brand skincare and makeup items, and the Wine Cellar and Beer Cooler, dedicated to an enhanced and expansive selection of wine and beer.

7-Eleven, Inc., the Irving, Texas-based C-Store chain, operates, franchises and/or licenses over 75,000 stores in 16 countries, including approximately 14,000 locations in North America, making it the largest convenience retailer in the world.

Austin is the capital city of the U.S. state of Texas, as well as the seat and most populous city of Travis County, with portions extending into Hays and Williamson counties. Incorporated on December 27, 1839, it is the 10th-most populous city in the United States, the fourth-most populous city in Texas, and the second-most populous state capital city. It has been one of the fastest growing large cities in the United States since 2010. Downtown Austin and Downtown San Antonio are approximately 80 miles apart, and both fall along the Interstate 35 corridor. Austin is the southernmost state capital in the contiguous United States and is considered a Beta-level global city as categorized by the Globalization and World Cities Research Network.

As of 2021, Austin had an estimated population of 964,177, up from 961,855 at the 2020 census. The city is the cultural and economic center of the Austin–Round Rock metropolitan statistical area, which had an estimated population of 2,421,115 as of July 1, 2022. Located in Central Texas within the greater Texas Hill Country, it is home to numerous lakes, rivers, and waterways, including Lady Bird Lake and Lake Travis on the Colorado River, Barton Springs, McKinney Falls, and Lake Walter E. Long.

Emerging from a strong economic focus on government and education, since the 1990s, Austin has become a center for technology and business. The technology roots in Austin can be traced back to the 1960s when Tracor (now BAE Systems), a major defense electronics contractor, began operation in the city in 1962. IBM followed in 1967, opening a facility to produce its Selectric typewriters. Texas Instruments setup in Austin two years later, Motorola (now NXP Semiconductors) started semiconductor chip manufacturing in 1974. BAE Systems, IBM, and NXP Semiconductors still have campuses and manufacturing operations in Austin as of 2022. A number of Fortune 500 companies have headquarters or regional offices in Austin, including 3M, Advanced Micro Devices (AMD), Amazon, Apple, Facebook (Meta), Google, IBM, Intel, NXP Semiconductors, Oracle, Tesla, Texas Instruments, and Whole Foods Market. Dell's worldwide headquarters is located in the nearby suburb of Round Rock. With regard to education, Austin is the home of the University of Texas at Austin, which is one of the largest universities in the U.S., with over 50,000 students. In 2021, Austin became home to the Austin FC, the first (and currently only) major professional sports team in the city.

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