SRS Real Estate Partners completed the $7.4 million ground lease (land ownership) sale of a 5,585-square-foot (sf) property occupied by Wawa at 800 W. Edgar Road in Linden. Built in 2023 and situated on 1.55 acres, the property has approximately 19 years remaining on its absolute triple net, corporate-guaranteed lease and is within Legacy Square, a new 350,000-sf open air shopping center anchored by Walmart and LA Fitness.
SRS Capital Markets Managing Directors and Market Leaders Kyle Fant and Britt Raymond who are based in New York City and Managing Principals Matthew Mousavi and Patrick Luther who are based in Newport Beach, CA, represented the seller, Dallas-based developer Cypress Equities, and San Francisco-based investment firm, Stockbridge Capital Group. The buyer was a New York-based private investor who was in a 1031 exchange. The closing cap rate was 5.07%.
Legacy Square Shopping Center is a newly built property that, in addition to Wawa, Walmart Supercenter and LA Fitness, includes Chick-fil-A, Starbucks, Panera, Taco Bell, Freddy’s, AFC Urgent Care and Aspen Dental.
This Wawa transaction marks in excess of $100 million across nine property sales and eight individual buyers that the SRS team has executed as part of a break-up strategy on behalf of Cypress Equities and Stockbridge Capital.
“By subdividing each building and parcel, we gave private investors and the broader market a chance to own a piece of an institutional-quality asset that otherwise would not have been available to them in the greater New York City region. This strategy also maximized value for the sellers.” Fant said.
In early 2025, SRS will be listing the final remaining outparcel at the property which includes Spark Car Wash, completing the seller’s exit strategy for Legacy Square Shopping Center.
Year to date, SRS Capital Markets has completed more than $1.5 billion in deal volume comprised of more than 415 transactions in 45 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3.2 billion.
