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Property Details
Net Lease Property Asking Price – $6,705,000
Investment Property Type – Retail
Lease Type – NNN
Tenant Credit – Corporate Guarantee
Tenancy – Single Tenant Investment Property
Lease Term – 20.1 years
Net Lease Commencement – 04/01/2017
Net Lease Property Expiration – 04/30/2037
Remaining Term – 20 years
Square Footage – 6,119
Price per Sq Ft – $1,095.77
Cap Rate – 4.25%
NOI – $285,000
Lot Size (acres) – 3.25
Rent Bumps with Net Lease – Yes
Ground Lease – Yes
FLORIDA INVESTMENT PROPERTY HIGHLIGHTS
- Brand New Construction
- Ground Lease on High Traffic Roadway (42,210 VPD)
- Increases 7% Every 5 Years Starting in Year 11
- Investment Grade Tenant with Long 20 Year Lease Term
- 300,000 People within 5 Miles of Property
- Florida has No State Income Tax
Description
Wawa, Inc., a privately held company which began in 1803 as an iron foundry in New Jersey. Today we see Wawa as your all day, every day stop for fresh, built-to-order foods, beverages, various coffee drinks, fuel services, and surcharge-free ATMs. A chain of more than 720 convenience retail stores (over 450 offering gasoline), Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The stores offer a large fresh food service selection, including Wawa brands such as delicious built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, builtto-order specialty beverages, and an assortment of soups, sides and snacks.
The Pennsylvania-based company has now reached 50 locations in Florida only two years after entering the state. All of them are in the Orlando and Tampa, St. Petersburg markets currently but as you see with this Net Lease Property For Sale, Wawa is coming to south east Florida. The Wawa VP and Chief Real Estate Officer Peter Gilligan revealed that South Florida, Southwest Florida and Daytona are next up for expansion. Wawa plans on Florida being a 250-plus store state for the company and is actively signing deals and developing sites in South Florida.
As one of the three largest cities making up the South Florida region, and the central city of Palm Beach County, West Palm Beach is a vibrant, growing, waterfront city that offers the business advantages available in the region, combined with a more refined and relaxed environment for living and working.
It is one of the three main cities in South Florida. Population in 2013: 102,436. West Palm Beach is located approximately 68 miles north of Downtown Miami and just across a few bridges from the tony Island of Palm Beach.
The city of West Palm Beach is home to sunny palm-lined streets, breathtaking waterfront views, quaint shopping districts, historic and scenic neighborhoods, and exciting year-round outdoor festivals.
Listing information courtesy of Calkain Companies. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale. Availability of any listing should always be independently verified. Listing information is provided for consumer personal, solely to identify potential properties for potential purchase.
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