September 30, 2022 – Brendan Conway of Horvath & Tremblay has successfully completed the sale of a Wawa in Seaford, Delaware. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $5,494,595.
Wawa is located at 22929 Sussex Highway in Seaford, Delaware. The stand-alone property was completed in 2021 and consists of a 5,512 square foot convenience store and a gas station on a 1.84-acre parcel. Wawa has 19 years remaining on a corporately-backed ground lease (Absolute NNN) with six (6), 5-Year Options. The lease features attractive 10% rent increases every 5-years throughout the primary lease term and at the start of each of the six renewal option periods. The newly constructed Wawa is well positioned along U.S. Route 13/Sussex Highway, the area’s primary commercial corridor, which sees more than 24,029 vehicles per day. Wawa has several points of access along two roads, allowing for excellent accessibility. Seaford is a city located along the Nanticoke River, just thirty (30) miles from the eastern coastline of Sussex County, which is home to the states most popular beach destinations. Headlined by Lewes Beach, Dewey Beach, Rehoboth Beach, and Bethany Beach, the area sees an average of ten (10) million visitors each year and drives the tourism industry within the state. There has been a strong influx of new residents to this area due to a variety of reasons including, Delaware’s favorable tax structure, the historic beaches, and both retirees and new families seeking an active lifestyle.
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.