Starbucks Is Closing Stores. Chipotle Can’t Build Fast Enough. Here’s Why.

We'll just jump right into the numbers and some of the tenants we typically go through kind of on the... net lease investment sales that we're tracking and the tenants that we track.

So 7-Eleven being one of those.

We opened up and kind of broadened the way we're tracking this.

It had traditionally been primarily new construction.

It's still that way, but just with the buyer demand.

It used to be really focused on new construction, 12 1⁄2 years remaining.

We've broadened that a little bit to kind of 10 years remaining.

plus because we're seeing buyer activity that's really strong, all those bonus and exchange buyers in that range.

So we've broadened it a little bit so the numbers may change slightly, but right now we're tracking 96 that are on the market currently.

Last month there were 85, so there's a net increase of 11.

And then what we're starting to see is some portfolios because of that 10 years remaining.

Not all new construction, but the demand is still there for that tenant and driven heavily by bonus depreciation that we've talked about.

So high price point.

One over $14 million, a big truck stop site, high cap rate, 5.5%.

We've continued to see that kind of come down.

And then kind of the median numbers, median on those price points is just under $7 million.

Median cap rate is 5%.

And then kind of the low cap rate range that we're seeing is 4.25% a day a lot in California.

So, yeah.

Strong buyer demand, continuing to see what's really available is considerably less than that.

So anyway, it's a strong market for 7-Elevens and car washes and C-Stores in general, anything that's kind of that bonus depreciation demand buyer market.

All right.

We'll come back to some of the news on those guys a little bit, too.

But just jumping into Starbucks right now, we're tracking 67 last month or 66.

So net net decrease slightly.