Investment Offering
Jacksonville, FL - Wawa (Monument)
2500 Monument Road | Jacksonville, FL 32225
$4,456,500
Price4.6%
Cap Rate$205,000
NOI6,119
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased, corporate guaranteed, Wawa investment property located in Jacksonville, Florida. The tenant recently executed a brand new 20-year lease with 6 (5-year) options to extend. The lease features 5% rental increases every 5 years, beginning in Year 11, and at the beginning of each option period, growing NOI and hedging against inflation. The state-of-the-art property was recently constructed and opened in May 2019 featuring a convenience store and gas station with 16 premium pumps. The lease is corporate guaranteed by Wawa, Inc., an established convenience store and gas brand with over 830 locations. The lease is absolute NNN with zero landlord responsibilities.
Location
Wawa is strategically located at the signalized intersection of McCormick Road and Monument Road (combined 62,000 VPD), a primary crossroads used to access the nearby residential neighborhoods of Hidden Hills, Beacon Hills, and Cobblestone. Wawa is part of a new development at the intersection that includes a future CVS Pharmacy, and recently opened Starbucks w/ drive-thru, further generating consumer traffic to the property and increasing its exposure. The property is directly across the street from a Cobblestone Crossing, a Publix grocery anchored shopping center with notable tenants Planet Fitness, UPS Store, Subway, McDonald’s, and more. Another shopping center adjacent to the property is occupied by Bailey’s Health & Fitness gym and Atlantic Coast Seafood, further promoting crossover shopping to the trade area. 5-mile trade area is supported by a population of over 140,000 residents with an average household income of nearly $80,000.
Contact
Patrick Nutt
Sr Managing Principal & Co-Head of National Net Lease
954.302.7365954.302.7365[email protected]FL #: BK3120739