By Joshua Burd
Cypress Equities and Stockbridge Capital Group have sold another piece of the new Legacy Square shopping center in Linden, reaping $7.4 million for the site of a Wawa ground lease.
According to SRS Real Estate Partners, which arranged the deal, a New York-based private investor purchased the land housing the 5,585-square-foot convenience store and gas station at 800 West Edgar Road. The trade comes with 19 years remaining on Wawa’s absolute triple net, corporate-guaranteed lease, following its opening last year within the 350,000-square-foot shopping center anchored by Walmart and LA Fitness.
SRS 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 of the firm’s Newport Beach, California, office represented the sellers. The closing capitalization rate was 5.07 percent.
In October, Dallas-based Cypress Equities and San Francisco-based Stockbridge sold the newly built, 41,000-square-foot LA Fitness for nearly $14.3 million. With the trade of the 1.55-acre Wawa parcel, the firms have now completed eight property sales at the center totaling more than $100 million as part of a coordinated breakup strategy.
“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,” Fant said. “This strategy also maximized value for the sellers.”
He noted that, in early 2025, SRS plans to list the remaining outparcel at the property, which includes Spark Car Wash, completing the seller’s exit strategy.
