Wawa (GL)

405 South Frederick Avenue, Gaithersburg, MD 20877

$7,819,736

Cap Rate 4.73%

$7,957,000

Cap Rate 4.65%

DOM: 206 Updated: 07.22.24 Posted: 08.26.23 Status: Sold 03.19.24

Summary

Price $7,819,736 $7,957,000	Built/Renov 2023	Tenant Wawa (GL)
Cap Rate 4.73% 4.65%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 5,060	Lease Start 11-01-2023	#Units 983
Price/SF $1,545.40 $1,572.53	Expiration 10-31-2043	Tenant Type Convenience/Gas
NOI $370,000	R. Term 18.5	Ownership Ground Lease
Rent/SF $73.12	Increases 10.0%/5/yrs	Pop 5Mi 290,933
Lot/AC 1.83	Options 6/5yrs/10%	AHHI 5Mi $152,518

Lease Highlights

Brand-new construction | Opening November 2023
Wawa recently signed a brand new 20-year ground lease with 6 (5-year) options to extend
Lease features a 10% rental increase every 5 years throughout the inital term and at the start of each option
Absolute NNN lease | Zero landlord responsibilities
Lease guaranteed by Wawa, Inc

Location Description

This newly constructed Wawa is strategically located along South Frederick Avenue ( MD Route 355) with access to 26,221 vehicles per day. The subject property consists of a 5,060 square foot retail space, a single row canopy with six fueling stations, twelve pumps, eight EV superchargers, and ample parking on a 1.83-acre parcel. The site is directly across from Gaithersburg High School (2,350+...

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Key Features

New construction
Strategically located
Highway location
Dense 100M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
Long 20+ yr lease
Absolute NNN
Accelerated depreciation
Corporate Guarantee

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Links

Wawa Wikipedia Wawa Wikipedia Gaithersburg, Maryland Zip Code 20877 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wawa
Guarantor:Corporate
Company:Wawa, Inc.
# Units:983
Stock:Private

About Tenant

Wawa, Inc. is an American chain of convenience stores and gas stations located along the East Coast of the United States, operating in Pennsylvania, New Jersey, Delaware, Maryland, V22. Wawa, a...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	24,851	154,779	292,204
2023 Total Population :	25,174	154,206	290,933
2023 Employed Civilian Pop :	12,555	83,214	157,372
2023 Total Businesses :	1,090	7,785	12,654
2023 Average Household Income :	$ 98,496	$ 136,585	$ 152,518
2023 Total Consumer Spending :	$ 731 M	$ 6641 M	$ 13491 M
2023 Median Age :	36	38	38
2023 Total Households :	8,663	57,398	104,784
2023 Pop Age 25+: Bachelor's Degree :	3,821	30,814	57,623
2023 Average Home Value :	$ 454,980	$ 582,764	$ 622,467

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
South Frederick Avenue		2017	35,232	0.02 mi
Frederick Rd	Education Blvd	2012	35,060	0.17 mi
S Summit Ave	Hutton St	2018	9,040	0.18 mi
S Summit Ave	Hutton St	2020	7,552	0.21 mi
Olde Towne Avenue	S Summit Ave	2020	9,311	0.32 mi
Fulkes Corner Avenue	Fulks Corner Ave	2020	2,722	0.32 mi
Cedar Ave	George St	2018	2,270	0.33 mi
E Deer Park Dr	Beane Hill Ct	2018	4,170	0.34 mi
South Summit Avenue		2017	9,985	0.36 mi
West Deer Park Road	Barkley Ln	2018	8,075	0.36 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
26463 Views
79 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
25780 Views
76 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
26648 Views
78 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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