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CASE STUDY:
South Gate
- 9701 State St South Gate, CA 90280
- Tenant: 7-Eleven
Challenge
Oakmore located an existing liquor store on a hard corner on a well trafficked street in South Gate, CA for one of its development clients. Considering it had an existing ABC license, was on a signalized intersection and the Owner was selling the business as well, we recognized it would make an ideal 7-Eleven. However, even though the sale of alcohol was a grandfathered right, the City was requesting a Conditional Use Permit (CUP) due to the significant improvements 7-Eleven was requiring to the site and the need for 7-Eleven to operate and remain open for 24 hours. Moreover, due to the age of the building, the site required substantial power upgrades to its electrical capabilities to accommodate 7-Eleven’s fixtures and machinery. In addition, the parking was not ADA compliant.
Solution
We were able to help our client overcome objections from the City and secure a CUP. Moreover, with the lot size constraint we got creative with the parking, and was able to facilitate an expedited work order for the electrical upgrades. All of this required a significant amount of time that went beyond the typical transaction due diligence period. However, Oakmore was able to foster a win-win approach that extracted mutual value for both parties, thereby turning the Seller into a collaborator instead of an adversary and allowing the transaction to close.
Result
A gorgeous Single Tenant Net Leased 7-Eleven that Oakmore was able to generate interest from dozens of Buyers, ultimately driving pricing through strategic negotiations, and selling at an above market rate.
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