Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Wawa, a 5,585-square-foot net-leased property located in Reading, Pa. The asset sold for $4,856,415.
Derrick Dougherty, first vice president investments, and Steve Garthwaite, associate in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“Wawa had been looking to enter this dense infill market for about five years. The seller had the vision and foresight to purchase a former Bottom Dollar location that had been vacated to serve the submarket,” said Garthwaite.
The buyer, a limited liability company, was secured and represented by the team as well. “The buyer was introduced to the team initially during the listing proposal process. This gave us ample time to find the right investment to preserve their equity,” states Garthwaite. “We believe Wawa will succeed in this market. This investment should serve the buyer well for many generations”.
The asset is strategically located on a main retail artery in the area at 413 Lancaster Avenue in Reading, Pa. Newley constructed in 2019 the asset features a NNN Ground Lease with attractive rental increases. Wawa was recently rated as “BBB” by Fitch, or investment grade, and operates over 600 locations in the Mid-Atlantic and Florida.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
