A Southern California-based real estate investment firm has acquired another 7-Eleven convenience store, paying $1.9 million for the location on the Buffalo-Cheektowaga border.
Realty Income Corp. of Escondido, Calif., through MDC Coast 11 LLC, bought the 0.32-acre property at 428 and 432 Dingens St. from the Dallas-based convenience store chain. Formerly a Sunoco gas station with an A-Plus Mini-Market, the 0.32-acre property contains a 1,526-square-foot building that was constructed in 1959.
Realty Income, a publicly traded company that was founded in 1969, calls itself the Monthly Dividend Company for paying more than $5.5 billion in 576 straight monthly dividend payments over its 49-year operating history.
The firm supports the dividends through cash flow from more than 5,300 properties in 49 states that are under long-term leases with 254 retail chains and other businesses in 47 industries, particularly among convenience store, restaurant, movie theater and fitness center companies. 7-Eleven is its fifth-largest tenant.