SRS Real Estate Partners announced the $5.96 million sale of a Wawa property located at 435 Merritt Island Causeway in Merritt Island, Fla. Built in 2024, the 6,119-square-foot property is situated on 2.34 acres and has a new, 20-year, corporate-guaranteed lease in place.
The SRS Capital Markets team of Patrick Nutt, William Wamble, Kyle Fant and Britt Raymond represented the seller, a Florida-based developer. The buyer was a private investor in a 1031 tax-deferred exchange and an existing landlord to Wawa at multiple other locations. The closing cap rate was 4.69%.
“This site is ideally located in a busy retail corridor fronting E Merritt Island Causeway, and provides the buyer with a long-term, cash-flowing investment with no landlord responsibilities. Densely populated areas of Florida continue to be hotbeds for investor activity as the state attracts business and residents who enjoy no state income tax,” said Wamble.
There are more than 1,040 Wawa stores in the United States. This established convenience store and gas brand continues to build new locations. SRS’ Nutt and Wamble remain the most active and experienced brokers nationally in the Wawa marketplace having executed more than 125 transactions of Wawa-leased investment properties.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.