Wawa (GL)

600 West Burleigh Boulevard, Tavares, FL 32778

$5,682,000

Cap Rate 4.40%

Views: 84 DOM: 88 Updated: 11.25.24 Posted: 09.24.24 Status: Active

Summary

Price $5,682,000	Built/Renov 2024	Tenant Wawa (GL)
Cap Rate 4.40%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 5,641	Lease Start 10-01-2024	#Units 1,050
Price/SF $1,007.27	Expiration 10-01-2044	Tenant Type Convenience/Gas
NOI $250,000	R. Term 19.9	Ownership Ground Lease
Rent/SF $44.32	Increases 7.0%/5/yrs	Pop 5Mi 69,144
Lot/AC 1.99	Options 6/5yrs/7%	AHHI 5Mi $80,283

Lease Highlights

Brand new 2024 construction
Brand new 20-year ground lease with 6 (5-year) options to extend
The lease features 7% rental increases every 5 years starting in lease year 11 and at the beginning of each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Wawa is strategically located at the signalized, hard corner intersection of W Burleigh Boulevard and N Duncan Drive, with access to a substantial combined daily traffic count of 90,500 vehicles. The property features significant street frontage and multiple points of ingress and egress. It is conveniently situated near Tavares High School, Tavares Middle School, and the Lake County Government...

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Key Features

New construction
Signalized intersection
High traffic 50M+ VPD
Dense retail corridor
Top 100 MSA
Brand new lease
Long 20+ yr lease
Absolute NNN
Accelerated depreciation
Corporate Guarantee

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Links

Wawa Wikipedia Wawa Wikipedia Tavares, Florida Zip Code 32778 Broker Site Page Drone Video

Maps

Local Information

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

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
30166 Views
93 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
23315 Views
49 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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