October 1, 2021 – Matt Nadler and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of a Wawa in Plainfield, New Jersey. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $8,800,000.
Wawa is located at 1462 South Avenue in Plainfield, New Jersey. The new construction stand-alone convenience store and gas station opened in the summer of 2021. The Property consists of a 5,051 square foot building and a gas station and convenience store on 1.77 acres of land. Wawa has a new 20 year, corporately backed, ground lease (Absolute NNN) with six (6), 5-Year Options. The lease features 10% rent increases every five years beginning in year 11 of the lease and continuing throughout both the primary term and the option periods. The Property is set along a primary roadway in the densely populated residential city of Plainfield. The Property is strategically located at the signalized intersection of South Ave and Terrill Road, with convenient access from both roadways. Additionally, Wawa is less than 1-mile from the Netherwood and Fanwood Train Stations both with service to Manhattan’s Penn Station. Plainfield is a densely populated suburb serving the New York metropolitan area and is also the commercial center for the surrounding towns. The Property is strategically located at the signalized intersection of South Ave and Terrill Road in the affluent northeast section of the city. Plainfield is 12-miles west of Staten Island, and just 24-miles from New York City.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.