THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A 5,585-SQUARE -FOOT NET-LEASED WAWA

PHILADELPHIA, PA, January 19th, 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 5,585-square foot net-leased property located at 904 Haddonfield Road, Cherry Hill, NJ 08002, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $7,000,000.

Derrick Dougherty, Mark Krantz, and Scott Woodard, investment specialists in the Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a premier preferred developer of Wawa’s in the Mid-Atlantic region. “The seller leveraged his relationship with Wawa and his knowledge of the Cherry Hill submarket to put together a sought-after location on Haddonfield Road. This road is one of the most coveted and trafficked roads in Cherry Hill and our team has an extensive track record with this tenant and this submarket” said Derrick Dougherty.

“The buyer was referred to us by the leading residential apartment team in the Philadelphia Office, Ridge MacLaren, Clarke Talone, and Andrew Townsend. This transaction is a perfect example of the collaboration of agents within the Philadelphia Office. The buyer’s strategy was to eliminate the management component in their investments and transition into an investment with a passive income stream,” said Mark Krantz.

The site is strategically located in the dense and wealthy submarket of Cherry Hill, New Jersey with a plethora of retail locations and popular tenants. “Wawa continues to be one of the most successful and attractive tenants on the east coast. This location was constructed and opened in 2019 and has had great success with the local community over the course of the last few years,” said Mark Krantz.

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.