COLLINGDALE, PA, March 24, 2020 – Marcus & Millichap (NYSE: MMI), has announced the sale of Wawa, a 5,585-square foot net-leased property located in Collingdale, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $8,057,292. The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office.
The Wawa is located at 910 Macdade Blvd in Collingdale, PA – just 11 miles from Philadelphia, PA. Wawa, Inc. is a privately held company with a chain of more than 840 convenience stores (over 500 offering gasoline) and more than 30,000 employees in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington DC.
“The purchaser acquired a well-positioned property in a dense infill Delaware County submarket. Due to the high volume of activity, Wawa elected to relocate from their former location across the street to expand the building and add the gas component to their site” says Krantz. The buyer will benefit from its prime, corner location that sees about 14,000 VPD, brand new construction, and a 20-year lease term with rare, 10% rental increases every five years throughout the term, inclusive of the option periods.
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.
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