Wawa (GL)

1800 Naamans Road, Wilmington, DE 19810

$6,725,000

Cap Rate 5.00%

Views: 83 DOM: 69 Updated: 08.23.24 Posted: 07.09.24 Status: Active

Summary

Price $6,725,000	Built/Renov 2024	Tenant Wawa (GL)
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 5,585	Lease Start 11-15-2024	#Units 1,032
Price/SF $1,204.12	Expiration 11-30-2044	Tenant Type Convenience/Gas
NOI $336,250	R. Term 20.2	Ownership Ground Lease
Rent/SF $60.21	Increases 10.0%/5/yrs	Pop 5Mi 154,563
Lot/AC 1.50	Options 6/5yrs/10%	AHHI 5Mi $128,556

Lease Highlights

Brand-new 2024 construction
New 20-year ground lease with 6 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Wawa is strategically located on Naamans Road, a main thoroughfare, with access to 30,100 vehicles passing by daily. The property is surrounded by top performers, including an ACME Market in the top 82nd percentile of locations within their chain in the U.S. and the top 73rd percentile in Delaware. Additionally, The Home Depot ranks in the top 88th percentile, and Walgreens ranks in the top...

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Key Features

New construction
Build to suit
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Brand new lease
Long 20+ yr lease
Accelerated depreciation
Corporate Guarantee

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Links

Wawa Wikipedia Wawa Wikipedia Wilmington, Delaware Zip Code 19810 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wawa
Guarantor:Corporate
Company:Wawa, Inc.
# Units:1,032
Stock:Private

About Tenant

Wawa, Inc. is an American chain of convenience stores and gas stations located along the East Coast of the United States, operating in Pennsylvania, New Jersey, Delaware, Maryland, Virginia,...

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Listing Broker

Marc Mandel

Forged Real Estate

Contact

38 Listings
4285 Views
8 Sold

Steve Schrenk

Forged Real Estate

Contact

38 Listings
4268 Views
8 Sold

Marc Mandel

Marc Mandel is the co-founder and Managing Principal of Forged Real Estate. Marc has over 18 years of experience in the commercial real estate industry and currently leads the team at Forged Real Estate with a focus on single-tenant, sale-leaseback, and small shopping center investment advisory services throughout the country. He has completed over 820 transactions throughout his career with a value of approximately $1.6 billion. Prior to founding Forged Real Estate, Marc previously was one of

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Steve Schrenk

Steve Schrenk is the co-founder and Principal of Forged Real Estate. Steve specializes in the acquisition and disposition investment advisory services of single-tenant and multi-tenant net lease properties, sale-leasebacks, and small shopping centers throughout the country. Since 2018, Steve has been involved in 300+ transactions totaling over $1 billion in total volume. Steve is a knowledgeable real estate professional with years of experience who prides himself on the team’s client centric an

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