Marcus & Millichap on Wednesday said it arranged the sale of a net-leased Wawa property located in Lakehurst for $6.5 million.
“We’re delighted to announce the closing of this exceptional asset located in Ocean County,” Derrick Dougherty, senior vice president, investments, said. “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’s 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 vice president, investments. “All parties involved should be commended for their professionalism and execution along the way.”
Located at 604 Pine St., 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.
