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A brand-new, net-leased Wawa property in Ocean County has a new owner.

According to a June 5 announcement from Marcus & Millichap, the asset located at 604 Pine St. in Lakehurst sold for $6.5 million.

Wawa opened at the Ocean County spot last year. The July 20 debut marked the 31st location launched by the convenience store operator in 2023. As Senior Vice President Investments Derrick Dougherty pointed out, the sale marks the third Wawa property his team has closed in as many months.

“Our team is at the front lines of information as convenience store activity has picked up recently,” Dougherty said.

In May, the commercial real estate brokerage arranged the sale of Wawa’s 1,000th location for $6.25 million in South Jersey.

Dougherty, along with fellow investments specialists from Marcus & Millichap’s Philadelphia office – First Vice President Investments Scott Woodard, Mark Krantz and Nick Geaneotes – exclusively marketed the Ocean County property on behalf of the seller and procured the buyer. Neither party was disclosed. John Horowitz, broker of record in New Jersey, assisted in the closing.

Sound investment

“This is the classic West Coast capital coming to the East Coast to acquire and add a top tier tenant to their portfolio,” Woodward explained. “All parties involved should be commended for their professionalism and execution along the way.”

Sixty-year-old Wawa is expanding aggressively across the state, with more than 260 locations already. The Pennsylvania-based chain aims to open 1,800 stores nationwide by 2030. In December, it said it would close the year with 66 new stores across its seven-state operating area.

Marcus & Millichap said that Wawa’s lease at the property runs 20 years. It features 16 fuel pumps and added 50 new, local jobs at launch.

The property is located at the border of a primary roundabout intersection on Route 70. According to Marcus & Millichap, daily traffic counts reach approximately 21,943 vehicles each day.