April 22, 2022 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Wawa in Hereford, Pennsylvania. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $7,365,000.
Wawa is located at 1182 Gravel Pike in Hereford, Pennsylvania. The new construction stand-alone convenience store and gas station had a rent commencement in March of 2022. The Property consists of a 5,585 square foot convenience store and a gas station on a large 4.12-acre parcel 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 providing the investor with an attractive increase in revenue and a hedge against inflation. Wawa is strategically positioned at the signalized intersection of Chestnut Street (PA Route 100) and Seisholtzville Road (PA Route 29), the area’s two primary commuter roads. The Property enjoys outstanding visibility from both roads and will serve as the primary convenience store and gas station for area residents and passing commuters.
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.