SRS brokers $8.82M ground lease sale of a Wawa property located in Brooklawn

Wawa in Brooklawn was sold for $8.82 million, according to a Thursday announcement from SRS Real Estate Partners’ National Net Lease Group.

Located at 690 Crescent Boulevard, the 4,950-square-foot property was built in 2019 and is situated on 1.49 acres land.

SRS NNLG’s Vice Presidents Britt Raymond and Kyle Fant and First Vice President Sabrina Kortlandt who are out of the firm’s New York City office represented the seller, a New York-based hotelier,

The buyer, a private investor from California who was in a 1031 exchange, was represented by SRS NNLG’s Senior Associate Winston Guest who is located in the firm’s Newport Beach, CA office. The closing cap rate was 4.05%.

“We successfully closed this sale at 99% of the asking price,” Raymond stated. “This is testimony to the demand for quality gas and convenience assets as well as the strength of our synergy as a firm. The California buyer was a 1031 exchange agent represented by Winston Guest in SRS’ Newport Beach office.”

The absolute triple-net ground-leased asset provides the new ownership with zero landlord responsibilities and more than 17 years remaining on the lease with scheduled rental increases and options to extend. The property is in a prime location across the street from ShopRite of Brooklawn which also has national retail tenants in it such as Petco, Planet Fitness and Dollar Tree. There is also an abundance of other national brand retailers and restaurants in the busy retail corridor which all provide a strong customer draw for Wawa.

In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.