Fort Lauderdale, Fla (September 14, 2020) — SRS Real Estate Partners’ National Net Lease Group has announced the $6.775 million sale of a 4,869- square-foot Wawa located at 1159 E St. Georges Ave. in Roselle, New Jersey.
Wawa, Inc., is a privately-held company, began in 1803 as an iron foundry in New Jersey. Today, Wawa is a chain of more than 900 convenience retail stores with more than 600 offering gasoline. The stores offer a large fresh food service selection, featuring their famous built-to-order hoagies and fresh brewed coffee. For SRS this latest transaction marks the 10th transaction completed with Wawa during the coronavirus pandemic and the 55th transaction overall completed by SRS for the convenience brand.
SRS National Net Lease Group’s Executive Vice President Patrick Nutt and Executive Managing Director Andrew Fallon represented the seller, Wawa, in the NNN ground lease to a private high-net worth buyer.
The state-of-the-art property, opened in May 2019, features a convenience store and 12 premium pumps. The tenant recently executed a brand new 20-year lease with six options to extend. Wawa is strategically located at the signalized hard corner intersection of Frank Street and E. St. Georges Ave/State Highway 27 with more than 26,500 vehicles passing each day. This is also the primary commuter and retail highway for the city of Roselle.
“When an investor is looking for a class-A property with an investment grade tenant that also operates in an industry that’s COVID and e-commerce resistant, the pool of available properties and tenancies gets really small, really quick, but Wawa properties stand tall within that limited space,” said Nutt.
SRS’ work with Wawa includes transactions throughout their entire footprint from the Northeast and Mid-Atlantic down to Florida. After consummating over 55 Wawa sales with an aggregate value in excess of $300 million, SRS has garnered the market reputation as “Experts on all things Wawa”.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.
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’ 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.