The 3,600-square-foot 7-Eleven store under way at 1539 Highland Ave., National City 91950, has been sold for $2,025,000, cash.
The buyers were William C. Geierman (50 percent) and Donna L. Geierman (50 percent), 3645 Village Drive, Suite C, Carlsbad 92008.
The sellers of the property (assessor's parcel 561-040-01 and 02) were Greg R. Velasquez, trustee of the C & G Velasquez Family Trust; Dennis R. Sciotto and Carol A. Sciotto, trustees of the Dennis R. Sciotto and Carol A Siotto Community Property Trust; and Edward E. Colson III, trustee of the Edward E. Colson III Trust.
The property will consist of a convenience store and gas station on a 13,067-square-foot corner lot (Highland and 16th Street).
7-Eleven recently signed a 15-year, NNN lease and has begun conversion of the prior AutoZone (NYSE: AZN) outlet. The lease provides for fixed 10 percent increases every five years throughout the primary term, plus the options periods. The single-story property was sold in August 2011 for $750,000, with financing of $500,000.