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Fill ‘er up: Power Petroleum buys Miami Beach 7-Eleven with gas station for $11M
Buyer plans to rebrand it as a Mobil station
Power Petroleum bought a Miami Beach 7-Eleven with a gas station for $11.25 million, the same amount as the listing price, the brokers said.
The Pompano Beach-based, family owned petroleum supplier bought the property at 6348 Collins Avenue from Ivelise Daily, as trustee of the Sarah D. Brito Revocable Living Trust.
Alejandro D’Alba and Scott Sandelin of Marcus & Millichap in Miami had the listing on behalf of the seller.
The buyer will rebrand it as a Mobil gas station, and the 7-Eleven is now shuttered, D’Alba said.
The 4,370-square-foot retail property includes the convenience store that had been in operation since 2009, according to D’Alba and Sandelin. It had historically high sales as it’s the only gas station-convenience store in this part of North Beach.
Daily took over the property as trustee in February 2020, and the real estate last traded in 1983 for $500,000, according to property records.
Power Petroleum works with various brands as a fuel supplier, including Chevron, Exxon Mobil, Marathon and Sunco, according to its website.
Gas stations have been fetching top prices in recent months in Miami-Dade County. In one deal the buyer flipped four branded gas stations on the same day for an extra $4 million. Ernest M. Cherry Jr. and his wife, Carole, of Hampton Falls, New Hampshire, bought the gas stations in December for $11 million and sold them for $15 million. The properties are at 715 Opa-Locka Boulevard near Golden Glades; at 2195 Northwest 103rd Street in Miami; and 790 East 25th Street and 1901 West 4th Avenue in Hialeah.
Overall, the Miami-Dade retail market had the lowest retail vacancy in the tri-county region during this year’s first quarter, at 4.6 percent, flat from the fourth quarter of 2020, according to Colliers. A total of 91,916 square feet was completed in the first quarter, with another 1.9 million square feet in the pipeline.