A single-tenant property occupied by Wawa in Camden County’s Brooklawn sold for $8.82 million, New York-based SRS Real Estate Partners announced Aug. 11.
The ground lease sale for the 4,950-square-foot property at 690 Crescent Blvd. was completed by SRS‘ National Net Lease Group.
Situated on 1.49 acres, the Wawa was built in 2019.
According to Vice President Britt Raymond, part of the NNLG team that represented the seller, a New York-based hotelier, the deal closed at 99% of the asking price. “This is testimony to the demand for quality gas and convenience assets as well as the strength of our synergy as a firm,” he said in a statement.
Vice President Kyle Fant and First Vice President Sabrina Kortlandt also represented the seller with Raymond. The private investor buyer, a 1031 exchange agent, was represented by Winston Guest of SRS’ Newport Beach office. According to the firm, the closing cap rate was 4.05%.
Earlier this week, the sale of another South Jersey Wawa-occupied property was announced in Voorhees.
This triple-net ground-leased site – SRS said there are 17 years remaining on the lease, with scheduled rent increase and options to extend – offers new ownership zero landlord responsibilities.
The location is directly across from ShopRite of Brooklawn and resides in a busy retail corridor.
According to SRS, in 2021, its Investment Properties Group and NNLG completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states; currently it has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.