THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A 4,722-SQUARE-FOOT NET-LEASED WAWA

PHILADELPHIA, PA, March 30th, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Wawa, a 4,722-square-foot Net-Leased property located at 489 Conchester Highway, Aston, PA 19014, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $7,075,000.

Derrick Dougherty, Scott Woodard, and Colin Reder investment specialists in Marcus & Millichap’s Philadelphia office had the exclusive listing to market the property on behalf of the seller, a private investor based out of Maryland. “The buyer was in a 1031 exchange, secured and represented by Brian Whitmer at Cushman and Wakefield. Our marketing and timing created numerous offers at list price, and we ultimately selected the buyer based on the attractive terms and motivation to acquire this asset,” said Scott Woodard

“The Site is located on the recently expanded main commuter corridor, Conchester Highway, in the growing Delaware County. This was originally a 20-year flat lease structured back in 2013 with an 18% increase in rent during the first five-year option,” said Derrick Dougherty. The subject site is in close proximity to a multitude of shopping centers and other credit tenants, such as ACME, Walmart, Larkins Corner Shopping Center, and the Larkins Shopping Center.

“Our team has found a niche with the sale of convenience stores over the years, specifically with Wawa as a tenant. This deal was unusual for a Wawa investment because it was a seasoned lease with 12 years remaining and offered a higher yield compared to new construction Wawa’s,” said Colin Reder. Wawa was ranked #29 by Forbes as one of “America’s Largest Private Companies” in 2021 with an annual revenue of over $11 Billion.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.