June 24, 2022 – Michael Lombardi and Charles Loccisano of Horvath & Tremblay have successfully completed the sale of a Wawa in Augusta, New Jersey. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $7,200,000.
Wawa is located at 1 NJ Route 15 in Augusta, New Jersey. The stand-alone convenience store and gas station is under construction with an anticipated opening date in August of 2022. The Property will consist of a 5,585 square foot convenience store and a gas station. Wawa has a new 20-year, corporately backed ground lease (Absolute NNN) with six (6), 5-Year Options. The lease features scheduled rent increases in years 11 and 16 of the primary term and 10% rent increases at the start of each of the six renewal option periods. Wawa is strategically positioned at the intersection of NJ Route 15 and US Route 206, two of the area’s primary commercial and commuter corridors. The two corridors are home to several national retailers including Walmart, The Home Depot, Lowe’s, Weis Markets, ShopRite, Tractor Supply Co., Dollar Tree, Kohl’s, Marshalls, Walgreens, AutoZone, McDonald’s, Starbucks, Panera, and Burger King, that drive traffic to the area. The Property is positioned in an affluent market within the New York City MSA; the average household income within 5-miles of the Property is more than $119,000 and the average household income within 10-miles of the Property is more than $124,000.
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.