The Real Deal Miami

Convenience store sales strong

June 09, 2009 12:51PM

The strongest market segment in commercial sales remains convenience store/gas station properties, according to the single-tenant retail report from Marcus & Millichap Research Services for the first half of 2009. Cap rates have risen, reaching a peak in 2008 not equaled since 2002, and the properties remain both profitable and popular, the brokerage reports. However, sales faltered in the latter part of the year and have yet to show significant signs of picking up thus far in 2009, said Steve Horn, senior vice president of acquisitions for Orlando-based National Retail Properties.