Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Wawa, a 6,387-square foot net-leased property located in Marlton, according to Bryn D. Merrey, regional manager of the firm’s Washington, D.C. office. The asset sold for $7,020,000.
Josh Ein, senior associate, along with Dean Zang and Mark Taylor, both senior vice president investments in the firm’s Washington, D.C. and Philadelphia offices, had the exclusive listing to market the property on behalf of the preferred developer. Zang, Taylor, and Ein, specialize in the acquisition and disposition of retail shopping centers in the Mid-Atlantic region and net-leased investments throughout the country. This closing represents the team of agent’s 20th Wawa transaction.
The buyer, a partnership, was secured and represented by Alan Cafiero and Ben Sgambati, both vice presidents investments in the firm’s New Jersey office as one of a series of 1031-exchange purchases represented by the agents.
The closing price of $7,020,000 represents a capitalization (cap) rate of 4.46 percent. Per CoStar, this percentage signifies the lowest cap rate for any Wawa across the nation.
“Core locations leased by credited tenants are still achieving astounding cap rates and in this case the lowest ever for a Wawa,” Ein explained.
The Wawa is located at 250 Route 70 West within Camden County, the most populous county of southern New Jersey. This 70 West/Marlton Pike corridor is packed with other retail options and sees 42,118 vehicles per day. The property is in a new 20-year triple-net lease with 19 years remaining.Related Articles: