Northmarq arranges sale, financing of 7-Eleven convenience store in Wildwood, FL
WILDWOOD, Fla. — Northmarq’s Commercial Investment Sales team led by David Annett and Michael Zimmerman, and its Debt + Equity team led by Jada Purchase, successfully completed the sale and financing of the 7-Eleven convenience store located at 8767 N. U.S. Highway 301 in Wildwood, Florida.
Northmarq’s Investment Sales teams represented both the seller, Diverse Development Group. and the buyer, Maple Street Management. The deal featured investment sales and financing collaboration through Northmarq’s Net Lease Financing team.
“We were able to identify this property through our internal broker network off market,” Annett said. “The buyer is bonus depreciation motivated, although with the extension of the 2017 jobs and tax cuts act still in limbo, we had to get our hands around the implications on pricing if bonus depreciation were extend and if not.”
“I reached out to the seller to see what he was working on, he mentioned that he had just pulled this property off the market and sent it to me, to see what I thought we could do with it,” Zimmerman said. “As we started to underwrite the deal, we identified a buyer internally and were able to quickly put together a sale that worked for everyone.”
Northmarq arranged financing for the borrower, Maple Street Management, through a correspondent relationship with a financial institution. The transaction was structured on a 5-year term with a 30-year amortization schedule.
“We facilitated a favorable interest rate along with partial recourse, in conjunction with a prepayment structure that aligns with the borrower’s business plan,” Purchase said. “We were able to provide max leverage to allow the borrower to buy additional assets.”
Built in 2024, the 7-Eleven is a single-tenant property featuring a 4,650-sq.-ft. building situated on 2.2 acres. It is conveniently located along U.S. Highway 301 near the intersection of E County Rd 466. The area features dining options, a grocery store, and is nearby residential.
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