Kislak completes sale of triple-net leased Wawa for $7M

An under-construction Wawa that will feature both food and gas has sold in South Jersey.

The Kislak Co. Inc. announced the $6.97 million sale of the triple-net ground leased property at 600 White Horse Pike in Atlantic County’s Egg Harbor City on Feb. 11.

Chief Operating Officer Jason Pucci and Senior Vice President Justin Lupo represented the purchaser, The Kamson Corp., a longtime client of Kislak.

The seller was not disclosed.

“This purchase was an excellent opportunity for Kamson,” Pucci said in a statement. “It marked the completion of a three-property I.R.C. Section 1031 Exchange in New Jersey from an older apartment complex into this well-located NNN Wawa, which is a strong tenant, with zero landlord responsibilities, and another new NNN Wawa in northern New Jersey that Kamson purchased last year.”

According to Kislak, the property will include 5,586 square feet of new construction on 3.64 acres with a triple net ground lease with Wawa that covers an initial 20-year term, multiple renewal options and future rent increases.

The Egg Harbor city Wawa is expected to open later this year.