Located at 1462 South Ave. (Route 28) in Union County, the property sold for $8.8 million.
Chief Operating Officer Jason Pucci and Senior Vice President Justin Lupo represented the purchaser and longtime client, the Kamson Corp. The seller was not disclosed.
The property includes 5,051 square feet of newly constructed retail space on 1.71 acres and a triple net ground lease with Wawa that includes an initial 20-year term, multiple renewal options and future rent increases. Opening is schedule for early 2022.
“This purchase was an excellent opportunity for Kamson,” said Pucci. “This transaction marked the partial completion of an I.R.C. Section 1031 Exchange from an older apartment complex into a well-located NNN Wawa, which is a strong tenant, with zero landlord responsibilities.”