Elizabeth City, NC, July 22, 2026 – 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 5,915-square-foot property located at 406 Halstead Blvd, Elizabeth City, NC, according to Tim Stephenson, regional manager of the firm’s Philadelphia office. The asset sold for $6,229,442.
Derrick Dougherty, Scott Woodard, and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had marketed the property on behalf of the seller, a private family of investors located on the West Coast.
“This Wawa presented a compelling combination of long-term lease security and strong real estate fundamentals. The newly constructed 2024 prototype store is positioned on a high-exposure signalized corner with more than 46,000 vehicles passing the intersection daily, while the NNN ground lease provides investors with 18-plus years of remaining term and scheduled 10% increases every five years,” said Scott Woodard, Senior Director Investments.
“The property attracted strong investor interest given Wawa’s credit profile, the quality of real estate, and the long-term income growth built into the lease,” said Nick Geanoetes, Associate Director Investments. “Its location at the intersection of Halstead Boulevard and W. Ehringhaus Street, combined with the nearby Coast Guard presence, educational institutions, and regional connectivity, made this a particularly attractive opportunity for a net lease investor.”
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.
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