Virginia investor buys 7-Eleven building

BUYER: Nelson Street Apartments LLC (principal: Charles Barger III), Lexington, Va.

SELLER: A Doublejay LLLP

PROPERTY: 330 Kings Highway, Port Charlotte

PRICE: $1.45 million

PREVIOUS PRICE: $1.44 million, July 1998

ATTORNEY ON DEED: John Mann, Lakeland

PLANS, DESCRIPTION: Charles Barger of Lexington, Va., purchased a 3,250-square-foot 7-Eleven gas station on Kings Highway for $1.45 million.

The price equated to $445 per square foot and a purchase price payoff ratio based on income (capitalization rate) of 11.25%.

The building is leased to an operator, who is responsible for maintaining the building and paying any associated taxes. The lease agreement has more than 13 years remaining on its initial term. The building was originally constructed in 1997.

Tim Reamer of Cottonwood Commercial in Harrisonburg, Va., represented the buyer and Gabriel Britti of Marcus & Millichap's Miami office represented the seller.

The purchase entity Nelson Street Apartments LLC mortgaged the property to Branch Banking & Trust Co.