Marcus & Millichap (MYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Wawa, a net-leased fueling station and convenience store in Warrenton, VA, according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The asset sold for $4,762,000, and a cap rate of 4.5 percent.
Josh Ein, senior associate, David Crotts, senior associate, and Dean Zang, senior managing director investments in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, Warrenton Realty Associates. “While this Wawa location only had 13 years remaining, our team’s established relationships with a repeat 1031 exchange buyer enabled us to execute on this sale at attractive pricing,” explained Zang.
“Convenience stores continue to remain one of the most popular net lease investment categories among our investors, and Wawa cap rates are holding in the Mid-Atlantic and Florida regions,” says Ein. “The buyer was attracted to the long-term corporately guaranteed lease with no landlord responsibilities, rental increases every five years, and the tenant’s established location having operated here since 2011.”
The site was originally developed by a former Washington Redskin player who Zang and his team represented in the initial sale of the asset in 2011. This sale marks the 33rd Wawa transaction that Zang, Crotts, Ein and their team have successfully completed.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
