Wawa Closed: Sold for $6.5 million

LAKEHURST, N.J., June 5, 2024 – 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 a net-leased Wawa property located in Lakehurst, New Jersey. The asset sold for $6.5 million.

“We’re delighted to announce the closing of this exceptional asset located in Ocean County, N.J.” said Derrick Dougherty, senior vice president investments. “Our team is on the front lines of information as convenience store activity has picked up recently. This marks our third Wawa closing in the last three months.”

Dougherty, Scott Woodard, Mark Krantz and Nick Geaneotes, investment specialists in Marcus & Millichap Philadelphia office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction.

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

Located at 604 Pine Street, the Wawa is a brand new, 2023 construction build with a 20-year lease featuring 16 premium fuel pumps and state-of-the-art convenience store. The property is strategically placed at the border of a primary roundabout intersection along Route 70 with daily traffic counts reaching approximately 21,943 vehicles per day. Nearby national retailers include ShopRite, Lowe’s, Dollar Tree and more.

 

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.