The Kamson Corp. has purchased the site of a 5,585-square-foot, triple-net-leased Wawa store at 600 White Horse Pike in Egg Harbor City — Courtesy: The Kislak Co.
By Joshua Burd
The Kamson Corp. has acquired the site of a nearly 5,600-square-foot Wawa store and gas station that’s under construction in Atlantic County, brokers with The Kislak Co. announced.
The buyer, which is based in Englewood Cliffs, paid just over $6.967 million for the triple-net-leased property at 600 White Horse Pike in Egg Harbor City. It completed the deal as part of a Section 1031 like-kind exchange, the brokers said, noting that the site has a ground lease with Wawa that includes an initial 20-year term, multiple renewal options and future rent increases.
Kislak Chief Operating Officer Jason Pucci and Senior Vice President Justin Lupo represented Kamson, a longtime client, in the deal with a private seller.
“This purchase was an excellent opportunity for Kamson,” Pucci said. “It marked the completion of a three-property I.R.C. Section 1031 Exchange in New Jersey from an older apartment complex into this well-located NNN Wawa, which is a strong tenant, with zero landlord responsibilities, and another new NNN Wawa in northern New Jersey that Kamson purchased last year.”
The 5,585-square-foot store is slated to open later this year, Kislak said. Sitting on 3.64 acres, the site is at the confluence of White Horse Pike and Route 50, while Egg Harbor City is about 10 miles from Atlantic City International Airport and 18 miles northwest of coastal Brigantine and Atlantic City.