100 Egg Harbor Road in Washington Township — Courtesy: SRS Real Estate Partners
By Joshua Burd
A developer has sold the ground lease for a newly built Wawa in Gloucester County for more than $6 million, brokers with SRS Real Estate Partners announced last week.
According to the listing team, the 5,585-square-foot property occupies 2.61 acres at 100 Egg Harbor Road in Washington Township. The deal follows the opening of the convenience store last year, the brokers said, noting that the site has a 20-year corporate-guaranteed lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President and Principal William Wamble, who are based in Florida, represented the unnamed East Coast-based developer in the sale. The buyer, a private investor from New Jersey who was completing a 1031 like-kind exchange, paid $6.06 million for the ground lease.
“This property is strategically positioned on the border of New Jersey and Philadelphia and is near two colleges as well as Delford Mall which totals more than 1 million square feet,” Nutt said. “The Wawa brand continues to gain a loyal customer base and store presence, making this particular property a solid, passive investment for the buyer.”
