Wawa | Philadelphia MSA
2515 Delsea Drive, Franklinville, NJ 08322
PROPERTY DETAILS
Price
$5,400,000
Cap Rate
5.00%
Building Size
3,905 SF
Lot Size
3.86 AC
Lease Type
Absolute NNN / Ground Lease
Rental Increases
10% Rental increases every 5 years throughout base term & options
Initial Lease Term
20 Years
Property Overview
Equity Retail Brokers is pleased to exclusively offer for sale a single-tenant net lease property, occupied by Wawa. The subject property is 3.86 AC and includes a 3,905 SF free-standing Wawa convenience store with five double-sided fueling stations. Wawa has 19 years remaining in their 20-year lease term, and has six (6), 5-year options to extend. Wawa has a long operating history in the market, as this store replaced a legacy store, which operated on the same site for many years.
Investment Highlights
- This location is an upgrade of a legacy non-gas Wawa store, which operated on the same site for over 30 years, proving a strong market for Wawa
- Wawa has committed to the site for 20 years, starting a new lease in December 2022
- The lease features 10% rental increases every 5 years throughout the initial term and option periods
- Absolute NNN ground lease with Zero Landlord responsibilities
- Oversized site (3.86 AC) with frontage on two streets
- Corporate guaranty from Wawa (shadow rated BBB by Fitch)
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