Fort Lauderdale, Fla. (September 1, 2021) — SRS Real Estate Partners’ National Net Lease Group (NNLG) has completed the sale of two South Florida Wawa convenience store and gas stations, including an under- constrction Wawa located at 7878 N.W. 103rd St. in Hialeah Gardens and a newly-built Wawa at 6191 N. Powerline Rd. in Fort Lauderdale.
SRS NNLG Executive Vice President and Florida Market Leader Patrick Nutt represented the seller in both transactions. The 6.119-square-foot Hialeah Gardens Wawa was sold by Ferber Co for $11.575 million to the buyer HialeahWW, LLC. The 5.991-square-foot Fort Lauderdale Wawa was sold by Brightwork Real Estate for $10.75 million to the buyer Powerline Wawa LLC. The Hialeah Gardens Wawa was the highest price ever paid for a Wawa in Florida according to market sources.
Nutt has specialized in handling Wawa sales across the country and these latest deals mark a total of 17 Wawas already sold in 2021 by Nutt. Wawa, Inc. is a privately-held company began in 1803 as an iron foundry in New Jersey. A chain of more than 900 convenience retail stores, with more than 35,000 associates, Wawa stores are located in Pennsylvania, New Jersey, Delware, Maryland, Virginia, Florida, and Washington DC.
“Both of these sales represent generational real estate for their new owners. They are dense, in-fill locations with tremendous traffic counts immediately proximate to interstates and other factors driving customer traffic. Wawa’s willingness to pay their highest rent ever in Florida is proof of how well they expect to perform in Hialeah Gardens,” commented Nutt.
The Fort Lauderdale location includes a new 20-year term lease. The 2.57-acre site is at the intersection of Powerline Rd. and W. Cypress Creek Rd., averaging a combined 100,000 vehicles passing by daily. This Wawa benefits from 10 pumping stations.The Hialeah Gardens location sits on 1.52 acres at the hard corner intersection of NW 103rd St. and NW 79th St. averaging over 60,000 vehicles per day.
As the economy continues its recovery and retail proves its investment resiliency, SRS Real Estate Partners’ National Net Lease Group (NNLG) has closed a record 410 transactions at a value of $1.2 billion through end of July 2021, marking a 46 percent increase over 2020 transaction volume.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.