604 Pine St. in Lakehurst — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a newly built, net-leased Wawa property in Lakehurst for $6.5 million, brokers with Marcus & Millichap announced Wednesday.
In a news release, the team said the property at 604 Pine St. opened last year with 16 fuel pumps and a modern convenience store. The business operates on a 20-year lease, boasting a location near a primary roundabout intersection along Route 70 with daily traffic counts reaching nearly 22,000 vehicles and nearby retailers including ShopRite, Lowe’s and Dollar Tree.
“We’re delighted to announce the closing of this exceptional asset located in Ocean County, N.J.” said Derrick Dougherty, a senior vice president for investments with Marcus & Millichap. “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, who are based in the firm’s Philadelphia office, represented 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 a vice president for investments. “All parties involved should be commended for their professionalism and execution along the way.”
