Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 7-Eleven (Ground Lease), a 3,050-square foot net-leased property located in Plano, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.

Philip Levy, Senior Managing Director Investments and Chris Gainey, Senior Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured by Ty Barbo, Associate and Mike James, Senior Managing Director Investments in Marcus & Millichap’s Encino office.

Located at 2961 McDermott Road in Plano, Texas, the subject property is a ground lease to 7-Eleven with a corporate guarantee in an affluent Dallas/Fort Worth suburb. Eight and one half years remain on the primary term with 10 percent rent escalations scheduled every five years. The tenant has three, five-year options for renewal. Constructed in 2005, the 3,050-square foot building and gas station are situated on 1.28 acres.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com