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Views: 36 DOM: 34 Updated: 11.07.24 Posted: 10.12.24 Status: Active

Summary

Price $7,700,000
Built/Renov 2019
Tenant Wawa (GL)
Cap Rate 5.36%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 5,051
Lease Start 11-01-2019
#Units 1,050
Price/SF $1,524.45
Expiration 10-31-2039
Tenant Type Convenience/Gas
NOI $412,500
R. Term 14.11
Ownership Ground Lease
Rent/SF $81.67
Increases 10.0%/5/yrs
Pop 5Mi 220,808
Lot/AC 2.14
Options 6/5yrs/10%
AHHI 5Mi $90,239

Lease Highlights

  • Wawa has 15 years remaining on the current ground lease term with 6 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the primary term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Wawa has a shadow rating of “BBB” which is equivalent to investment grade credit and is one of the most sought-after tenants in the net lease market today
  • Corporate guaranteed lease

Location Description

Wawa is strategically located at the signalized hard corner intersection of Penn Ave. and Park Rd., with access to a combined daily traffic count of 29,000 vehicles. The property features 8 gas dispensers and enjoys proximity to major highways, including I-422, I-222, and Bus-222. Its location near Reading Hospital and the Route 422 interchange offers convenient access to Philadelphia's...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Wawa
  • Guarantor:Corporate
  • Company:Wawa, Inc.
  • # Units:1,050
  • 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

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