Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 5,585-square-foot net-leased Wawa located in Philadelphia, PA, according to Sean Beuche, regional manager and Pennsylvania broker of record, who assisted in the closing.
Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an investment property group. The buyer was secured and represented by Derrick Dougherty and Scott Woodard. “The buyer was your typical buyer profile for a Wawa, 1031 exchange buyer that’s cash-heavy and attracted to one of the most reputable tenants in the retail world. This was a client that we stayed in touch with for the last five years and we are proud to have helped him acquire an asset that will treat him and his family well for the next few decades,” said Woodard.
This property is located at 9101 Frankford Ave in Philadelphia, PA. The submarket features excellent demographics, with a population of 445K+ and an average household income of $76K+ within a 5-mile radius. Additionally, Wawa is among a strong local retail presence including Walmart, Aarons, Dollar Tree, and Dunkin’ Donuts, further increasing consumer traffic to the site. “The original developers did an amazing job relocating Wawa from a block away to arguably the most attractive two-acre parcel for a C-Store in the northeast section of Philadelphia. This site benefits from being located ¼ mile from the Academy Road exit on Interstate 95, with the large number of cars stacked at the intersection approaching Frankford Avenue,” said Dougherty.
The state-of-the-art property was recently constructed and opened in August 2021, featuring a convenience store and a gas station with sixteen premium pumps. This property is an absolute triple-net ground lease with zero landlord responsibilities making it an ideal, management-free investment opportunity for an out-of-state investor. “As a team, we are thankful for the opportunity to represent such well-respected parties on both sides of the transaction. Quaint Oak Bank should also be acknowledged for financing a portion of the deal during some turbulent times from a lending perspective. A significant portion of our team was born and raised in the Philadelphia area, which is why we’ve had so much success recently in selling over 25+ Wawa’s in the marketplace. It is comforting to us and our clients, so we look forward to leading the way in this arena for years to come,” added Dougherty.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
